TIDMTRIN
RNS Number : 5388C
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 km(2) 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 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
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / Patrick d'Ancona +44 (0)20 739 0 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.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPUCUQUPWURW
(END) Dow Jones Newswires
June 13, 2023 04:08 ET (08:08 GMT)
Trinity Exploration & Pr... (AQSE:TRIN.GB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Trinity Exploration & Pr... (AQSE:TRIN.GB)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024