Trinity Exploration & Production Drilling commenced on six well Onshore campaign (1828Z)
August 30 2018 - 1:00AM
UK Regulatory
TIDMTRIN
RNS Number : 1828Z
Trinity Exploration & Production
30 August 2018
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Drilling commenced on six well Onshore campaign
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago, is
pleased to announce that it has spudded the first well of a six
infill well programme, onshore Trinidad.
As previously announced, the preparation for infill drilling
operations has been ongoing with Trinity's subsurface teams working
up incremental locations for future drilling. This work facilitated
an increase on onshore 2P reserves (+50% to 5.98 mmstb in 2017) and
the commencement of infill drilling in H1 2018 with the completion
of two new wells, on time and on budget. The additional six wells
to the 2018 campaign brings the total to eight wells.
Having an inventory of new wells in the hopper, and the US$20
million fundraising completed in July 2018, has enabled Trinity to
hit the ground running with an accelerated and fully funded
drilling campaign. The aim of the programme is to maintain double
digit year-on-year production growth going forward. The turnaround
time of under two months from receipt of funds to spudding the
first well illustrates the preparatory work to date and the depth
of technical, commercial and logistical experience within Trinity's
team.
The Company also notes the decision announced yesterday by the
Petroleum Company of Trinidad and Tobago Limited ("Petrotrin") to
discontinue refining operations. The Company expects that this
decision will have no impact to the ongoing Sales Agreements with
Petrotrin for Trinity's oil production.
The Company will announce its interim results for the six-month
period ended 30 June 2018 in September. This will provide further
detail on production, operating margins, operating break-even,
costs and profitability - highlighting the growing value of the
Company's assets and continued strong financial performance in an
environment of improving oil prices.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity,
commented:
"We are delighted to have commenced these new drilling
activities onshore Trinidad with the spudding of the latest well in
our plan so soon after raising new equity capital and becoming debt
free. We have established a stable and well-funded profitable
production platform and are ideally positioned to continue growing
production, cash flow and shareholder value with this accelerated
infill drilling programme. With peer leading break-evens and plans
to increase production we can grow profitability in the short-term
whilst working up a further step-change from future developments
both onshore and offshore in the medium to long term. The landscape
is changing rapidly in Trinidad and we look forward to updating the
market with further developments."
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production +44 (0)131 240
plc 3860
Bruce Dingwall CBE, Executive
Chairman
Jeremy Bridglalsingh, Chief Financial
Officer
Tracy MacKenzie, Corporate Development
Manager
SPARK Advisory Partners Limited
(Nominated Adviser and Financial +44 (0)20 3368
Adviser) 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald +44 (0)20 7397
Beth McKiernan 8900
Derrick Lee +44 (0)131 220
Pete Lynch 6939
Whitman Howard Limited (Equity +44 (0)20 7659
Adviser) 1234
Nick Lovering
Hugh Rich
+44 (0)20 7933
Walbrook PR Limited 8780
Paul McManus / Sam Allen trinityexploration@walbrookpr.com
About Trinity
Trinity is an independent oil and gas exploration and production
company focused solely on Trinidad. 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 nine
licences and, across all of the Group's assets, Management's
estimate of 2P reserves as at the end of 2017 was 23.2 mmbbls. The
Group's 2C Contingent Resources are estimated to be 24.0 mmbbls.
The Group's overall 2P plus 2C Reserves and Resources are therefore
47.2 mmbbls.
Trinity is listed on the AIM market of the London Stock Exchange
under the ticker TRIN.
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.
END
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