Trinity Exploration & Production Production Optimisation Programme
July 30 2019 - 1:02AM
RNS Non-Regulatory
TIDMTRIN
Trinity Exploration & Production
30 July 2019
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Trinity and Weatherford International Conduct First Ever
ForeSite(R) Trial Onshore Trinidad
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago, is
pleased to announce that it has entered into a partnership with
Weatherford International plc (WFTIQ) ("Weatherford") to pilot the
use of Weatherford's ForeSite(R) Production Optimization Production
4.0 platform (Software and Automation) in order to maximise returns
from the Company's onshore wells. This initiative is the first
instance where technology of this kind has been deployed in the
onshore oil producing acreage of Trinidad.
Weatherford's ForeSite(R) Production Optimization Production 4.0
platform provides software and optimization technology for real
time pump monitoring and optimization and has been deployed on both
progressive cavity and sucker rod pumps. This state-of-the-art
technology combines proven Weatherford production optimisation
technologies with the Internet of Things, cloud computing and
advanced analytics.
By providing support for a broad array of production methods and
the ability to optimise an asset from well to surface facility, the
ForeSite(R) platform will enable Trinity to identify and prioritise
production optimisation opportunities. The solution includes
Weatherford's industry leading Flow Control Technology (FCT) and
ForeSite(R) Edge technologies at the well head and works in
conjunction with ForeSite(R) Production Optimization software to
provide a complete well head to desktop solution.
The results of the pilot will be assessed to understand the
level of improved efficiency and the impact of optimisation
technologies on maximising asset value in respect of the pilot
wells.
If deemed successful, Trinity aims to utilise continuous
production optimisation in order to reduce operating costs and
increase reserves and production from individual wells. The
Directors anticipate that the cumulative effect of extending this
technology and approach across the Company's assets will enable it
to maximise economic returns for the Company.
Bruce Dingwall CBE, Executive Chairman of Trinity,
commented:
"As a technically and commercially driven production company, we
are highly focused on maximising returns from our assets. As such,
we believe that with this exciting new technology application and
continuous data measurement and capture we would be able to
optimise lift efficiency on key wells, reduce downtime and enhance
productivity.
"This system has the potential to assist in our decision-making
and planning process as we focus on achieving our production
targets. We are proud to be the first company to use this
technology onshore in Trinidad and believe that it will enable us
to protect and grow base production. When you couple this
state-of-the-art measurement and production optimisation alongside
the Company's ambitious plans to drill the first onshore High Angle
Well in Trinidad, as part of the Company's 2019 drilling campaign,
it is clear Trinity is a technical leader in its field.
"We really have enjoyed the close working relationship that we
have developed with the Weatherford team and we look forward to
working with them in further digitising and optimising our
production operations."
Manoj Nimbalkar, Vice President, Production Automation and
Software for Weatherford, commented:
"We are proud to collaborate with Trinity in their production
optimisation goals. As the industry's only enterprise-level
optimisation platform from the wellbore to point of sale, ForeSite
Production Optimization software transforms historical trending,
real-time data, and physics-based models into an intuitive and
visual interface. The deployment of ForeSite(R) production
optimization ecosystem will empower Trinity's team to make
decisions that improve production, reduce operating costs and
enhance personnel efficiency."
Enquiries
For further information please visit www.trinityexploration.com
or contact:
Trinity Exploration & Production plc +44 (0)131 240 3860
Bruce Dingwall CBE, Executive Chairman
Jeremy Bridglalsingh, Chief Financial Officer
Tracy Mackenzie, Corporate Development
Manager
SPARK Advisory Partners Limited (Nominated
Adviser and Financial Adviser) +44 (0)20 3368 3550
Mark Brady
Miriam Greenwood
Andrew Emmott
Cenkos Securities PLC (Broker)
Joe Nally (Corporate Broking)
Neil McDonald
Derrick Lee +44 (0)20 7397 8900
Pete Lynch +44 (0)131 220 6939
Whitman Howard Limited (Equity Adviser) +44 (0)20 7659 1234
Nick Lovering
Hugh Rich
Walbrook PR Limited +44 (0)20 7933 8780
Paul McManus / Nick Rome trinityexploration@walbrookpr.com
About Trinity (www.trinityexploration.com)
Trinity is an independent oil and gas exploration and 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 nine
licences and, across all of the Group's assets, management's
estimate of 2P reserves as at the end of 2018 was 24.5 mmbbls.
Group 2C contingent resources are estimated to be 18.8 mmbbls. The
Group's overall 2P plus 2C volumes are therefore 43.3 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
About Weatherford
Weatherford is one of the largest multinational oilfield service
companies providing innovative solutions, technology and services
to the oil and gas industry. The Company operates in more than 80
countries and has a network of approximately 650 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 26,000 people. For
more information, visit www.weatherford.com and connect with
Weatherford on LinkedIn, Facebook, Twitter and YouTube.
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END
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