Trinity Exploration & Production Jacobin Drilling Update (8584F)
July 13 2023 - 2:00AM
UK Regulatory
TIDMTRIN
RNS Number : 8584F
Trinity Exploration & Production
13 July 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 July 2023
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Jacobin Drilling Update
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces that the Jacobin well is currently being sidetracked,
with drilling currently in progress. Trinity is also pleased to
announce that the Lower Cruse section drilled so far demonstrates
the presence of multiple oil-bearing sandstone reservoirs.
Highlights
-- The Jacobin well was drilled to 9,325 ft at which depth
unexpected wellbore conditions prevented further progress,
necessitating a sidetrack. This is being effected immediately and
the well will continue to drill ahead to the planned depth of
approximately 10,000 ft, which is expected to be achieved in two
weeks.
-- During the drilling programme, the well penetrated over 2,000 ft into the Lower Cruse.
-- Preliminary evaluation, using a combination of Measurement
While Drilling (MWD) data (inclusive of MWD gamma ray) and together
with analysis of well bore cuttings, point to at least three well
developed, oil-bearing sand intervals in the Lower Cruse.
-- Further data will be collected from the sidetrack currently
being drilled, including a full logging suite.
-- Further to the announcement on 26 June 2023 when Trinity
announced the Jacobin well has successfully intersected the Forest
and Upper Cruse secondary targets, further analysis has confirmed
that the total net hydrocarbon pay across these targets is
228ft.
-- The next update on Jacobin is expected to be announced once
the sidetrack has been completed and the full suite of data
acquisition has been completed, which will provide a definitive
view on all sands encountered.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity,
commented:
"There is still work to do in order to achieve the total planned
depth, with encouraging initial signs thus far. In order to gain a
more definitive view we have to successfully complete the sidetrack
of the well, and then undertake a data acquisition programme,
inclusive of logging, that will provide us with the technical data
we need to assess the well's potential. We look forward to updating
shareholders when we have completed logging and related
interpretation."
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 t rinity @vigoconsulting.com
Finlay Thomson +44 (0)20 7390 0230
Patrick d'Ancona
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 is a 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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