Jacobin Update

Trinity Exploration & Production

08 November 2023

 

8 November 2023

Trinity Exploration & Production plc

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

Jacobin Update

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to provide an update on operations at its Jacobin oil discovery.

As announced on 23 October 2023, the Jacobin well (the "Well") flowed at an encouraging rate, producing a total of 113 barrels (34 bbls oil and 79 bbls completion fluid) over a seven-hour period prior to a sand plug forming in the Well.  The coiled tubing unit was deployed to clean-out the Well and was run in hole to approximately 9,700 feet.  This intervention has successfully removed the blockage.

On 4 November 2023, operations to bring the Well back into production started on a 3/64^th-inch choke, and were gradually increased to an 8/64^th choke.  The Well is cleaning-up with an initial mixed flow comprising oil, water (from the coiled tubing unit operation) and completion fluids, with no visible sign of sand at surface.  The Company intends to restart the production test imminently, in order to obtain a sustained flow rate for the Well.

Trinity's current operations are focused on the deepest of three discovered oil-bearing horizons in the deeper exploration section of the Well.  This is a thin zone of five feet but was highly pressured, and hence there is a risk that production on a sustained basis may be compromised.  However, two thicker oil-bearing zones are located up-hole which are expected to comprise larger connected volumes of oil. 

The Company will provide flow rate data when stabilised information is available, alongside details of the next phase of operations.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"We continue to clean up the lowest of three zones in the Jacobin discovery in advance of further testing.  Thereafter, we look forward to moving up-hole to carry out testing on what we expect to be the more productive upper zones.  The onsite team has worked hard to progress operations and we are actively assessing the most constructive way to advance the near-term production potential of Jacobin".

Enquiries:

Trinity Exploration & Production plc Jeremy Bridglalsingh, Chief Executive Officer Julian Kennedy, Chief Financial Officer Nick Clayton, Non- Executive Chairman	Via Vigo Consulting
SPARK Advisory Partners Limited (Nominated Adviser and Financial Adviser) Mark Brady James Keeshan	[phone]
Cavendish Capital Markets Limited (Broker) Leif Powis Derrick Lee Neil McDonald	[phone] [phone]
Vigo Consulting Limited Finlay Thomson Patrick d'Ancona	[e-mail] [phone]

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 2022 was 17.96 mmbbls.  Group 2C contingent resources are estimated to be 48.88 mmbbls.  The Group's overall 2P plus 2C volumes are therefore 66.84 mmbbls.

Trinity is quoted on AIM, a market operated and regulated by the London Stock Exchange Plc, under the ticker TRIN.

Qualified Person's Statement

The technical information contained in the announcement has been reviewed and approved by Mark Kingsley, Trinity's Chief Operating Officer.  Mark Kingsley (BSc (Hons) Chemical Engineering, Birmingham University) has over 35 years of experience in international oil and gas exploration, development and production and is a Chartered Engineer.

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.

 

END