Successful Bid for Buenos Ayres Licence

Trinity Exploration & Production

13 June 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 Regulatory Information Service, this information is considered to be in the public domain.

13 June 2023

Trinity Exploration & Production plc

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

Successful Bid for Buenos Ayres Licence

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has been advised by the Government of Trinidad and Tobago Ministry of Energy and Energy Industries ("MEEI") that Trinity's application for the Buenos Ayres block offered in the 2022 Onshore and Nearshore Competitive Bid Round has been successful.

The MEEI has invited Trinity to enter into discussions for the grant of an Exploration and Production (Public Petroleum Rights) Licence for the Buenos Ayres Block.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"Trinity is very pleased to have been successful in our bid for the Buenos Ayres block - we believe it is a second important catalyst in quick succession following commencement of the Jacobin well.  It is a cornerstone of Trinity's refreshed strategy and focus to leverage our competitive advantage in the Palo Seco area. 

Our investment in purchasing the North West District 3D seismic dataset and resultant exhaustive subsurface work has provided Trinity with an unparalleled understanding of the trapping mechanisms in the Palo Seco area. Our review of the 3D seismic over Buenos Ayres block, utilising our in-house knowledge, has highlighted multiple prospects at a variety of levels in this virgin block.

The Buenos Ayres block is highly unusual being a relatively undrilled block in what is a very mature basin setting. As this is proposed to be an Exploration and Production Licence we expect better commercial and stronger legal terms than our existing onshore sub-licences, we are planning to fast track the first exploration well on Buenos Ayres within the next 12-18 months, subject to acquiring environmental approvals.

Our Jacobin well, targeting a deep Miocene Play objective in the Palo Seco area, will be invaluable in collecting data to further refine our geological model, with a direct bearing on Buenos Ayres. Our strong commitment to Buenos Ayres demonstrates our intention to rapidly exploit our competitive edge onshore Trinidad with opportunities material for Trinity and where initial drilling success can quickly be followed by a move to production operations.

Following positive fiscal changes last year, the success of this licensing round demonstrates that the Government is focused on stimulating the energy sector which we expect will continue to provide additional growth opportunities for Trinity." 

Trinity expects to be Operator of the Buenos Ayres block with an 85% interest.  Heritage Petroleum Company Limited, the state-owned oil company, will have a 15% working interest (carried by Trinity through the exploration phase).  The block covers an area of approximately 41 km² and is located immediately to the west of Trinity's existing producing Palo Seco Blocks WD-5/6, WD-2 and PS-4. The work programme consists of four exploration wells and technical studies over the six-year initial licence period.

Buenos Ayres contains multiple stacked target reservoirs of the Lower Forest, Upper Cruse and Lower Cruse which are the most productive reservoirs in the Southern Basin in Trinidad.  These reservoirs have produced in excess of a quarter of a billion barrels of oil to date. 

A presentation setting out Trinity's focus on the Palo Seco area and Buenos Ayres will be available to view on the Company website later today via the following link: https://trinityexploration.com/investors/investor-presentations/  

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]
Cenkos Securities PLC (Broker) Leif Powis 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.

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, Exploration. Dr. Ryan Ramsook also lectures and is involved in collaborative Geoscience research with the University of the West Indies and Fellow of the Geological Society (FGS) of London. He is a Geologist by background with 19+ 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.

 

END