Trinity Exploration & Production Jacobin Update (7077S)
08 Novembre 2023 - 8:00AM
UK Regulatory
TIDMTRIN
RNS Number : 7077S
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 Via Vigo Consulting
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Chief Financial Officer
Nick Clayton, Non- Executive Chairman
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cavendish Capital Markets Limited (Broker)
Leif Powis
Derrick Lee +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson +44 (0)20 739 0
Patrick d'Ancona 0230
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.
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