Oil Discovery at TGAL-1 exploration well

RNS Number : 9799U

Trinity Exploration & Production

09 December 2013

 

Trinity Exploration & Production plc

(the "Company" or "Trinity"; AIM:TRIN)

Oil Discovery at TGAL-1 exploration well

9th December 2013

Trinity, the leading independent E&P company focused on Trinidad and Tobago, is pleased to announce an oil discovery at its TGAL-1 exploration well within the Galeota license (Trinity 65% operated interest).

Highlights

·     TGAL-1 well drilled to a total depth ("TD") of 5,694 ft measured depth ("MD")

·     Well intersected five targets all containing good quality oil bearing reservoir sands

·     TGAL-1 well encountered a total of 547 feet net oil sands containing high quality 28-30 degree API oil

·     Original Oil In Place ("OOIP") estimated to be in range of 50 - 115 million barrels ("mmbbl") of oil (gross)

·     Trinity will now aggressively assess appraisal and development options

The Trinity operated TGAL-1 exploration well was spudded on 31^st October 2013 to target an updip extension of the producing Trintes Field.  Drilling operations were undertaken utilising the Rowan Gorilla III jackup rig.

The well intersected five oil bearing reservoir packages including 76 ft of net oil sand in the G-sand, 104 ft of net oil sand in the H-sand, 162 ft of net oil sand in the M-sand, 118 ft of net oil sand in the N-sand and 87 ft of net oil sand in the O-sand.

The well was initially planned to be drilled to a TD of 6,500 ft MD but is currently being plugged and abandoned at 5,694 ft MD as no hydrocarbons nor reservoir quality sand were encountered below the 13-3/8" casing point at 4,362 ft.

Trinity has conducted extensive logging and sampling analysis to assess the reservoir characteristics and oil water contacts, and preliminary management estimates indicate gross OOIP to be in the range of 50 - 115 mmbbl of oil.  It should be noted that these figures include estimated volumes in the NE TGAL-1 area (previously referred to as GAL-26).

Trinity is now evaluating whether further appraisal of this discovery is required and will shortly commence engineering studies to finalise a development concept to progress the project to Field Development Plan ("FDP"). 

Monty Pemberton, Chief Executive Officer of Trinity, commented:

"The TGAL-1 discovery is exciting news for all of Trinity's stakeholders, and our team has done an excellent job in delivering this successful well safely.  Trinity's industrial thesis has always been to pursue low risk opportunities in Trinidad & Tobago, which we believe is a prolific but under-exploited hydrocarbon province.  This is the second successful exploration well Trinity has drilled on the Galeota license since 2012 (the first being EG-8) and demonstrates the further resource potential of the block.  Our team is now focussed on assessing development alternatives to move this project forward to FDP as soon as possible."

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Clive Deokie, Subsurface Manager for Trinity Exploration & Production plc, who has over 25 years of relevant experience in the oil and gas industry.  Mr Deokie holds a BSc Hons in Geology from the University of the West Indies and is a member of the Geological Society of Trinidad & Tobago.

Enquiries

Trinity Exploration & Production Monty Pemberton, Chief Executive Officer Robert Gair, Corporate Development Manager	Tel: [phone]
RBC Capital Markets (NOMAD & Joint Broker) Tim Chapman Matthew Coakes Daniel Conti	Tel: [phone]
Jefferies (Joint Broker) Chris Zeal Graham Hertrich	Tel: [phone]
Brunswick Group LLP (PR Adviser) Patrick Handley Catriona McDermott	Tel: [phone]

About Trinity

Trinity is the largest independent E&P company focused on Trinidad and Tobago.  Trinity operates assets onshore and offshore on both the West and East coasts. 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 licences and has 2P reserves of 36 mmbbl.  Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.

 

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