Buenos Ayres Block Licence Signing

Trinity Exploration & Production

21 June 2024

 

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. 

21^st June 2024

Trinity Exploration & Production plc

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

Buenos Ayres Block Licence Signing

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has today signed an Exploration and Production Licence with the Government of Trinidad and Tobago's Ministry of Energy and Energy Industries ("MEEI") for the Buenos Ayres block, with an effective date of 1^st July 2024.  This comes after the Company was advised in June 2023 by the MEEI that it had been successful in its application for the Buenos Ayres block (as mentioned in the Company's recently published Scheme Document) and follows the conclusion of a successful negotiation of final terms and conditions.

Trinity has an 85% operated working interest in the Buenos Ayres licence, working together with state-owned oil company Heritage Petroleum Company Limited which holds the remaining 15% working interest.  In preparation for the work programme, Trinity has already commenced subsurface evaluation to further understand the prospectivity and is well underway with the Certificate of Environmental Clearance ("CEC") and Environmental Impact assessment ("EIA") process to facilitate exploration drilling once optimal drilling locations are identified.  The exploration work programme consists of four exploration wells supported by geological and geophysical studies over the six-year initial licence period.

The block covers an area of approximately 41km² and sits within the prolific southern basin of Trinidad.  It is located immediately to the west of Trinity's producing Palo Seco Blocks WD-5/6, WD-2 and PS-4 which produce from the Forest and Cruse reservoirs, the most productive in the Basin.  While the Buenos Ayres Block is undrilled, ongoing seismic evaluation suggests that there is potential for similar hydrocarbon trapping mechanisms at Forest and Cruse levels, to those seen in the adjacent Palo Seco fields.  The modern data acquired in the recently drilled Jacobin well along with reprocessing of the 3D seismic will greatly improve the Company's understanding of the geologic models for Buenos Ayres and assist in derisking exploration prospects.

The proximity of the Trinity's Palo Seco operations is also expected to create opportunities for operational efficiencies both in the exploration and development/production phases in the event of exploration success.

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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) 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]

Publication on Website

In accordance with Rule 26.1 of the Code a copy of this announcement will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the investor relations section of Trinity's website at https://trinityexploration.com/investors/touchstone-offer/ by no later than 12.00 noon (London time) on the business day immediately following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

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 licences and, across all of the Group's assets, management's estimate of the Group's 2P reserves as at the end of 2023 was 12.91 mmstb.  Group 2C contingent resources are estimated to be 38.68 mmstb.  The Group's overall 2P plus 2C volumes are therefore 51.58 mmstb.

On 1 May 2024, the board of directors of each of Trinity and Touchstone Exploration Inc (TSX, LSE: TXP) ("Touchstone") announced that they had reached agreement on the terms of a recommended all share offer pursuant to which Touchstone will acquire the entire issued and to be issued ordinary share capital of Trinity (the "Acquisition").  The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.  Further information on the Acquisition can be found on Trinity's website at: https://trinityexploration.com/investors/touchstone-offer/.

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

 

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