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.
15
April 2024
Trinity Exploration &
Production plc
("Trinity" or "the Group" or
"the Company")
2023 Year-End Reserves
Update
Trinity Exploration & Production plc (AIM:
TRIN), the independent E&P company focused on Trinidad and
Tobago, announces updated management estimates of Trinity's
technical recoverable resources as at Year-End 2023.
The technical work underpinning this management
estimate was reviewed by Netherland, Sewell & Associates,
Inc.
Trinity provides the following estimates for
its technical recoverable resources (2P + 2C) as at
Year-End 2023:
2023 Year-End Reserves and
Resources
|
mmstb
|
2P
Reserves
|
Net 2P reserves of oil and gas at Year-End
2022
|
17.96
|
|
Production during 2023
|
-1.02
|
|
Revisions
|
-4.03
|
|
Net 2P reserves of oil and gas at Year-End
2023
|
12.91
|
|
|
|
2C
Resources
|
Net 2C resources at Year-End 2022
|
48.88
|
|
Revisions
|
-10.20
|
|
Net 2C resources at Year-End 2023
|
38.68
|
|
|
|
Combined
2P +
2C
|
Net 2P reserves + 2C Resources at Year-End
2022
|
66.84
|
Production during 2023
|
-1.02
|
|
2P Revisions
|
-4.03
|
|
2C Revisions
|
-10.20
|
|
Net 2P reserves + 2C Resources at Year-End
2023
|
51.58
|
Notes: mmstb -
million stock tank barrels
All data rounded to two decimal places
The largest reduction in 2P Reserves at
Year-End 2023 is from wells that were categorised as economic 2P
Reserves at Year-End 2022 which have been reclassified to 2C
Resources due to individual opportunities being considered
uneconomic at the date of review. Additional reductions are
due to the impact of earlier economic limit truncations and
revisions to the Trintes Infill well programme.
The reduction in 2C Resources is attributed
largely to the Galeota block based on the latest interpretation and
mapping of reprocessed seismic data which resulted in a view that
the field structure is more steeply dipping than in previous
interpretations. The Year-End 2023 total 2C for Galeota is
27.5 mmstb (compared to 35.8 mmstb previously). While the 2C Resource estimate
for Galeota has been reduced the impact on the development plans
for the field is minimal.
The Company will hold a session for investors via the
Investor Meet Company platform in the week commencing 22 April
2024, following the announcement of its Q1 Operational Update that
week.
Jeremy
Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"2023
witnessed a reduction in our reported reserves and resources base.
This was due to a number of factors, primarily the reclassification
of uneconomic wells
which were originally in 2P and have now been moved to 2C.
Whilst this is undoubtedly disappointing, all the Company's
current growth scenarios are focused on exploiting the 2P reserves
of 12.91mmbls, so this revision does not limit our growth
plans."
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
|
+44 (0)20 3368 3550
|
|
|
Cavendish Capital Markets Limited (Broker)
Leif Powis
Derrick Lee
Neil McDonald
|
+44 (0)20 7397 8900
+44 (0)131 220 6939
|
|
|
Vigo
Consulting Limited
Finlay Thomson
Patrick d'Ancona
|
trinity@vigoconsulting.com
+44 (0)20 7390 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 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.
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.