Trinity Exploration & Production Galeota Asset Development Update (9617D)
27 6월 2023 - 3:00PM
UK Regulatory
TIDMTRIN
RNS Number : 9617D
Trinity Exploration & Production
27 June 2023
27 June 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Galeota Asset Development Update
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces a progress update on its Galeota Block, offshore East
Coast Trinidad.
Trinity has, following a competitive tender exercise, appointed
Petrofac to undertake a Concept-Screening study for the development
of further reserves in its Galeota Block. 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 drilling of the TGAL-1 exploration well in 2013 led to the
discovery of the TGAL area the Galeota Block, in close proximity to
the existing productive Trintes field. To develop multiple
reservoirs in the Galeota Block and to do so in a capital efficient
manner, Trinity has commissioned Petrofac to undertake a
Concept-Screening study to advance development planning.
The study will take a fresh look at development concepts for the
Galeota Block, using the latest subsurface information and marrying
that with Petrofac's global low-cost marginal field track record to
develop a concept that can be taken forward into Conceptual
Engineering, Front End Engineering and Project Sanction. Key
elements will comprise flexibility to deal with reservoir
uncertainty and using equipment that could be potentially relocated
around the large Galeota Block. Leased Mobile Offshore Production
Units ("MOPU") concepts such as converted jack-ups or Floating
Production, Storage and Offloading ("FPSO") vessels will be
considered as well as any other suitable scheme. The cost of the
study is included within this year's capex guidance range.
The study has commenced and is expected to conclude in
September, at which point a further update will be provided.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"While our immediate operational focus is on drilling the
onshore Jacobin well, we continue to assess plans to unlock the
development potential of our Galeota Block which comprises 69% of
our 2P+2C Reserves and Resources. We look forward to working with
Petrofac to progress the Concept-Screening study."
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, Subsurface. Dr. Ramsook is also a
Senior Lecturer at 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.
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