Trinity Exploration & Production Drilling Update -- Trinity to drill Jacobin target (8981N)
January 26 2023 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 8981N
Trinity Exploration & Production
26 January 2023
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
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26 January 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Drilling Update - Trinity to drill deep onshore "Jacobin"
target
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces that the Company has progressed its plans to drill the
deep "Jacobin" prospect.
Working extensively and collaboratively in relation to various
approvals with Heritage Petroleum Company Limited, the State-owned
oil and gas company, Trinity is pleased confirm that it has taken
its final decision to drill the Jacobin well, which the Company
anticipates will spud in Q2 2023. Trinity's working interest is
100%.
The proposed Jacobin well will be the deepest (9800 ft TVDSS TD)
onshore oil well in Palo Seco region in over a decade. Located in
the WD-5/6 Lease Operatorship area, the well will test a structural
prospect defined on 3D seismic, with target reservoirs of Lower
Cruse Miocene-age turbidite sandstones. The well will also
intersect multiple shallower stacked reservoir targets.
The target volume of resources to be exploited is significant
and highly material for Trinity , with a mean oil in - place volume
of 5.7 million barrels and an upside (P10) case of over 10 million
barrels in-place. Success holds the potential for improved economic
returns with cash return multiples (at a Brent oil price of US$
80/bbl) in the order of 2.4x compared to conventional well
opportunities with cash return multiples of approximately 1.4x.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"This is a significant well and growth catalyst for Trinity. The
potential to access larger, virgin-pressured reservoirs with higher
initial production rates than conventional wells offers Trinity
reduced payback cycle times and a meaningful production
increase.
We plan to acquire further geological data from the well which
will calibrate the prospectivity developed across the area
following the 2020 purchase and subsequent interpretation and
mapping of its Palo Seco NWD 3D seismic dataset.
A successful well would unlock both a further development of
Jacobin and follow-on drill-ready prospects and mapped leads across
our core onshore acreage. The technical work undertaken for Jacobin
also formed a key part of our evaluation and thinking in applying
for the Buenos Ayres block in the 2022 Onshore and Nearshore
Competitive Bid Round earlier this month ."
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / Patrick d'Ancona +44 (0)20 739 0 0230
About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely
on Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low-risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources
are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.95 mmbbls.
Trinity is quoted on AIM, a market operated and regulated by the
London Stock Exchange Plc, under the ticker TRIN.
Competent Person's Statement
All reserves and resources related information contained in this
announcement has been reviewed and approved by Dr. Ryan Ramsook,
Trinity's Executive Manager, Subsurface. Dr. Ramsook is also a
Senior Lecturer at the University of the West Indies and Fellow of
the Geological Society (FGS) of London. He is a Geologist by
background with 18+ years' experience.
Disclaimer
This document contains certain forward-looking statements that
are subject to the usual risk factors and uncertainties associated
with the oil exploration and production business. Whilst the Group
believes the expectation reflected herein to be reasonable in light
of the information available to it at this time, the actual outcome
may be materially different owing to macroeconomic factors either
beyond the Group's control or otherwise within the Group's
control.
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