Drilling commenced on six well onshore campaign

RNS Number : 5463Q

Trinity Exploration & Production

29 June 2022

 

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Drilling commenced on six well onshore campaign

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that drilling operations have commenced for the first well of its 2022 six well programme.

As previously outlined, the fully-funded drilling programme, which includes conventional infill wells, a horizontal well and a deeper appraisal well, is targeting an aggregate 450 - 1,100mbbls of reserves at a cost of US$14m - US$17m.  These are significantly higher volumes per dollar of capital invested, that in a success case, would generate materially increased cash returns compared with previous drilling programmes.

Management believes that the potential returns from the proposed horizontal and deeper appraisal wells could underpin a material increase in production rates and potentially unlock previously untapped  deeper pools of hydrocarbons. If successful, the horizontal well  could yield production rates and returns c.3x those achievable from conventional infill wells, with the wider programme also benefiting from the mapping and integration of the 3D seismic acquired in 2020, enabling a more targeted and de-risked approach to the Company's drilling activities.

Overall, management is confident the Company can support a multi-year onshore drilling programme from the prospects and leads identified from the evaluation of the 3D seismic.  The 3D seismic interpretation has, to date, identified a "hopper" of c.40 infill opportunities, which includes c.35 conventional wells and c.5 high angle/horizontal wells.  The successful drilling of the deeper appraisal prospect would add more highly attractive prospects to the hopper, giving greater line of sight on the Company's ability to deliver on its stated ambition to double production by 2024.

While the Company has a firm timetable in place, inclement weather conditions could have an impact on workflow. Noting the current orange-level tropical storm warning in Trinidad, management will move to ensure the health and safety of its workforce and contractors - and if necessary may opt to briefly pause drilling operations.

Jeremy Bridglalsingh, Chief Executive Officer commented: "We are delighted to have recommenced our drilling activities. We have a significantly improved our understanding of our acreage through the 3D data acquired, underpinning our confidence in the current programme while also positioning the Company to take advantage of future opportunities. We have set ambitious drilling targets as we focus on a step change in production, which could be further augmented by potential developments at our Trintes, Galeota and Brighton assets."

Enquiries:

Trinity Exploration & Production plc Nick Clayton, Non- Executive Chairman Jeremy Bridglalsingh, Chief Executive Officer	Via Walbrook
SPARK Advisory Partners Limited ( Nominated Adviser and Financial Adviser) Mark Brady James Keeshan	Tel: [phone]
Cenkos Securities PLC (Broker) Leif Powis Neil McDonald	Tel: [phone]   [phone]
Walbrook PR Limited Nick Rome /Tom Cooper	Tel: [phone] [e-mail]

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 the AIM market of the London Stock Exchange under the ticker TRIN.

 

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