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.
1
February 2024
Trinity Exploration &
Production plc
("Trinity" or "the Group" or
"the Company")
2024 Guidance and Operational
Update
Trinity Exploration & Production plc (AIM:
TRIN), the independent E&P company focused on Trinidad and
Tobago, announces updated guidance for 2024 and provides an
operational update.
2024
Guidance
Trinity provides the following update on
guidance for 2024:
· Sales guidance of between
2,600-2,700 bopd (Q4 2023: 2,736 bopd, FY 2023: 2,790
bopd)
o Supported by workovers, recompletions and
extensive swabbing operations
o Reflects low field declines resulting
from a strong operational focus on maximising production
uptime
· Capex expected to be US$7-8m
to fund a programme of recompletions and
production-related expenditure, minor sustaining capex, and growth
projects such as Buenos Ayres environmental clearance and maturing
Trintes 2P reserves
Operational
Update
Buenos Ayres Block
As announced on 13 June 2023, Trinity was
successful in its bid for the Buenos Ayres block, offered in the
2022 Onshore and Nearshore Competitive Bid Round. We expect an
official award of this licence to occur in Q1 2024 and anticipate
being awarded Operatorship of the block with an 85% interest, as
previously announced. In the meantime, the Company continues to
progress the Environmental Impact Assessment and is on track to
complete this in H1 2024. The data acquired from the Jacobin-1 well
has provided significant insight into the geology of the Buenos
Ayres block and technical work is underway to identify a prospect
to be drilled in H1 2025.
Galeota Development
As announced on 27 June 2023, Trinity appointed
Petrofac to undertake a Concept-Screening study for the development
of further reserves in its Galeota Block offshore the East Coast.
The Galeota Block contains estimated 2P+2C reserves and resources
of 46.1 million barrels of oil equivalent and is the Company's
largest asset. The initial results of this study are encouraging,
and a third-party technical review of Trintes infill wells is now
in progress, alongside facilities assurance planning.
Capital allocation
policy
Trinity is committed to pay a dividend of GB
£0.01 once the Company's 2023 results are finalised in Q2 2024. An
interim dividend can be expected in Q4 of this year.
Jeremy
Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"2024 is an
important year for Trinity as we look to build on our opportunities
in the Buenos Ayres block and wider Miocene play using data gained
from Jacobin, and also progress our planning for Galeota.
Operationally we will be highly focused on offsetting natural
production decline through a very active programme of workovers,
recompletions and swabbing operations. With the benefit of recently
enacted SPT reforms, we anticipate strong cashflow from our
production base which will help support our future drilling
plans. Operations continue across our
portfolio, including at the Jacobin well and we will update the
market in further detail in our next quarterly
update."
Enquiries:
Trinity Exploration & Production plc
Jeremy Bridglalsingh, Chief Executive
Officer
Julian Kennedy, Chief Financial
Officer
Nick Clayton, Non- Executive
Chairman
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Via Vigo Consulting
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SPARK
Advisory Partners Limited
(Nominated Adviser and Financial
Adviser)
Mark Brady
James Keeshan
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+44 (0)20 3368 3550
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Cavendish Capital Markets Limited (Broker)
Leif Powis
Derrick Lee
Neil McDonald
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+44 (0)20 7397 8900
+44 (0)131 220 6939
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Vigo
Consulting Limited
Finlay Thomson
Patrick d'Ancona
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trinity@vigoconsulting.com
+44 (0)20 7390 0230
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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.