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.
21st June
2024
Trinity Exploration & Production
plc
("Trinity" or "the Group" or "the
Company")
Buenos Ayres Block Licence
Signing
Trinity Exploration & Production
plc (AIM: TRIN), the independent E&P company focused on
Trinidad and Tobago, is
pleased to announce that it has today signed an Exploration and
Production Licence with the Government of Trinidad and
Tobago's Ministry of Energy and Energy Industries ("MEEI") for
the Buenos Ayres block, with an effective date of 1st
July 2024. This comes after the Company was advised in June
2023 by the MEEI that it had been successful in its application for
the Buenos Ayres block (as mentioned in the
Company's recently published Scheme Document) and
follows the conclusion of a successful negotiation of final terms
and conditions.
Trinity has an 85% operated working
interest in the Buenos Ayres licence, working together with
state-owned oil company Heritage Petroleum Company Limited which
holds the remaining 15% working interest. In preparation for the work programme,
Trinity has already commenced subsurface evaluation to further
understand the prospectivity and is well underway with the
Certificate of Environmental Clearance ("CEC") and Environmental Impact
assessment ("EIA")
process to facilitate exploration drilling once optimal drilling
locations are identified. The exploration
work programme consists of four exploration wells supported by
geological and geophysical studies over the six-year initial
licence period.
The block covers an area of
approximately 41km2 and sits within the
prolific southern basin of Trinidad. It is located
immediately to the west of Trinity's producing Palo Seco Blocks
WD-5/6, WD-2 and PS-4 which produce from the Forest and Cruse
reservoirs, the most productive in the Basin. While the
Buenos Ayres Block is undrilled, ongoing seismic evaluation
suggests that there is potential for similar hydrocarbon trapping
mechanisms at Forest and Cruse levels, to those seen in the
adjacent Palo Seco fields. The modern data acquired in the
recently drilled Jacobin well along with reprocessing of the 3D
seismic will greatly improve the Company's understanding of the
geologic models for Buenos Ayres and assist in derisking
exploration prospects.
The proximity of the Trinity's Palo
Seco operations is also expected to create opportunities for
operational efficiencies both in the exploration and
development/production phases in the event of exploration
success.
- Ends -
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)
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
|
Publication on Website
In accordance with Rule 26.1 of the
Code a copy of this announcement will be available free of charge,
subject to certain restrictions relating to persons resident in
Restricted Jurisdictions, on the investor relations section of
Trinity's website at https://trinityexploration.com/investors/touchstone-offer/
by no later than 12.00 noon (London time) on the
business day immediately following this announcement. The content
of the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
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.
On 1 May 2024, the board of directors of each
of Trinity and Touchstone Exploration Inc (TSX, LSE: TXP)
("Touchstone") announced that they had reached agreement on the
terms of a recommended all share offer pursuant to which Touchstone
will acquire the entire issued and to be issued ordinary share
capital of Trinity (the "Acquisition"). The Acquisition is to
be effected by means of a scheme of arrangement under Part 26 of
the Companies Act. Further information on the Acquisition can
be found on Trinity's website at: https://trinityexploration.com/investors/touchstone-offer/.
Trinity is quoted on AIM, a market operated and
regulated by the London Stock Exchange Plc, under the ticker
TRIN.