2023 Year-End Reserves Update

Trinity Exploration & Production

15 April 2024

 

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.

15 April 2024

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

2023 Year-End Reserves Update

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces updated management estimates of Trinity's technical recoverable resources as at Year-End 2023.  The technical work underpinning this management estimate was reviewed by Netherland, Sewell & Associates, Inc.

Trinity provides the following estimates for its technical recoverable resources (2P + 2C) as at Year-End 2023:

2023 Year-End Reserves and Resources		mmstb
2P Reserves	Net 2P reserves of oil and gas at Year-End 2022	17.96
	Production during 2023	-1.02
	Revisions	-4.03
	Net 2P reserves of oil and gas at Year-End 2023	12.91
2C Resources	Net 2C resources at Year-End 2022	48.88
	Revisions	-10.20
	Net 2C resources at Year-End 2023	38.68
Combined 2P + 2C	Net 2P reserves + 2C Resources at Year-End 2022	66.84
	Production during 2023	-1.02
	2P Revisions	-4.03
	2C Revisions	-10.20
	Net 2P reserves + 2C Resources at Year-End 2023	51.58

Notes:     mmstb - million stock tank barrels

                All data rounded to two decimal places

The largest reduction in 2P Reserves at Year-End 2023 is from wells that were categorised as economic 2P Reserves at Year-End 2022 which have been reclassified to 2C Resources due to individual opportunities being considered uneconomic at the date of review.  Additional reductions are due to the impact of earlier economic limit truncations and revisions to the Trintes Infill well programme.

The reduction in 2C Resources is attributed largely to the Galeota block based on the latest interpretation and mapping of reprocessed seismic data which resulted in a view that the field structure is more steeply dipping than in previous interpretations.  The Year-End 2023 total 2C for Galeota is 27.5 mmstb (compared to 35.8 mmstb previously).  While the 2C Resource estimate for Galeota has been reduced the impact on the development plans for the field is minimal.

The Company will hold a session for investors via the Investor Meet Company platform in the week commencing 22 April 2024, following the announcement of its Q1 Operational Update that week.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"2023 witnessed a reduction in our reported reserves and resources base. This was due to a number of factors, primarily the reclassification of uneconomic wells which were originally in 2P and have now been moved to 2C.  Whilst this is undoubtedly disappointing, all the Company's current growth scenarios are focused on exploiting the 2P reserves of 12.91mmbls, so this revision does not limit our growth plans."

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 and Financial Adviser) Mark Brady James Keeshan	[phone]
Cavendish Capital Markets Limited (Broker) Leif Powis Derrick Lee Neil McDonald	[phone] [phone]
Vigo Consulting Limited Finlay Thomson Patrick d'Ancona	[e-mail] [phone]

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.

Trinity is quoted on AIM, a market operated and regulated by the London Stock Exchange Plc, under the ticker TRIN.

Qualified Person's Statement 

The technical information contained in the announcement has been reviewed and approved by Mark Kingsley, Trinity's Chief Operating Officer.  Mark Kingsley (BSc (Hons) Chemical Engineering, Birmingham University) has over 35 years of experience in international oil and gas exploration, development and production and is a Chartered Engineer.

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.

 

END