Q1 2014 Operations Update

RNS Number : 5942E

Trinity Exploration & Production

11 April 2014

 



Trinity Exploration & Production plc

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

Q1 2014 Operations Update

11^th April 2014

Trinity, the leading independent E&P company focused on Trinidad and Tobago, is pleased to provide the following update.

During the first quarter, Trinity's net production averaged 3,978 boepd.  Key first quarter operating activities included:

West Coast

Net Q1 2014 production averaged 547 boepd. Trinity has been focused on remedial work following production challenges at the ABM-151 well and the MP-8 platform and workover and recompletion work in the PGB license.  Following gas lift optimisation in the Brighton field and workovers and recompletions at various PGB wells, West Coast production has stabilised at c. 600 boepd.  Workover and recompletion work is also planned for the ABM-151 and ABM-150 wells.  Incremental production associated with this project is estimated at up to 200 bopd and Trinity is currently working to secure a jackup workover barge to complete these operations.

Onshore

Net Q1 2014 production averaged 2,153 bopd.  As previously disclosed, Trinity has suspended drilling operations while discussions are ongoing with Petrotrin regarding upgrading the Company's onshore licenses to improve efficiency, reduce operating costs and assess enhanced oil recovery opportunities on the combined acreage. 

East Coast

Net Q1 2014 production averaged 1,278 bopd.  Trinity is currently drilling the Trintes B-9X infill/exploration well to a planned depth of 6,000 ft-MD.  The shallower targets, the F, G and M sands, are the infill targets. The well has been drilled to 4,564 ft MD and penetrated a total of 211 feet of net oil pay in these shallower horizons.  These represent good future recompletion opportunities.

The deeper exploration targets, the O, OO and P sands, have never been penetrated in this area of the Trintes anticline and, if encountered, are expected to be at virgin pressure with original oil saturations.  The well is currently in the primary exploration objective, the O sand, where so far 120 feet of net oil sand has been encountered.  This is very encouraging as we drill ahead to TD.

Data suggests that initial production rates should exceed the 250-300 bopd that are used in our well planning exercise and success in the exploration targets could generate an additional 3 to 5 follow on development wells in the area.  The drilling operation has been hampered by the repeated failure of one of our two mud pumps.  Drilling continues, however the mud pumps will need to be replaced following completion of the B-9X well.  The drilling team is now sourcing a pair of replacement pumps in the USA that will have an aggregate cost of approximately US$650,000 and be installed during June 2014. The remainder of the drilling unit and systems are operating well.

TGAL Development Update

The reprocessing of the Trintes 3D OBC seismic data is proceeding with completion expected by the end of May 2014.  Preliminary results indicate a substantial improvement in the imaging of the target horizons and the fault structure.  Re-mapping of the Galeota license will initially focus on the TGAL discovery area and is expected to be completed during Q3 2014.  TGAL development planning is proceeding with feasibility evaluations underway on prospective and innovative development alternatives and Trinity is targeting finalising a field development plan during Q1 2015.

Joel "Monty" Pemberton, Chief Executive Officer of Trinity, commented:

"Trinity's focus is on completing the B-9X infill well at the Trintes field.  This has delivered very encouraging results to date although progress of the well has been hampered by the mud pump issue which we are addressing. We are excited by the work being carried out by the TGAL development team as we continue at pace to select an innovative and value driven concept for the TGAL field development."

Enquiries:

Trinity Exploration & Production Joel "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 Pip Green	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 49 mmbbl.  Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.

 

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