Jacobin Update

Trinity Exploration & Production

20 November 2023

 

20 November 2023

Trinity Exploration & Production plc

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

Jacobin Update

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, today provides an update on operations at its Jacobin oil discovery.

Operations on the Jacobin well (the "Well") are now focussed on flow testing the discovered oil zones in the Lower Cruse 1 ("LC1") upper intervals. Testing of the thin Lower Cruse 3 ("LC3") zone is being terminated, as despite clearing the sand blockage (as reported on 8 November 2023), further sand production issues were still experienced. Laboratory analysis of produced fluids and reservoir grain size and composition is on-going in order to assist with Company's assessment of the future production potential of this zone.

The upper two zones are well developed oil-bearing sandstone intervals, with thicker net pay zones for testing (with a combined test interval circa five times that tested at the LC3 level), and generally better developed than the deeper reservoir encountered at the LC3 level. We believe the risk of experiencing material sand production issues is much reduced at this level but will be carefully monitored regardless as testing proceeds.

The testing of the upper zones will be conducted by perforating via wireline and the rig is at the well site conducting preparatory work.  All regulatory approvals are in place for the next phase of the testing programme.

The Company expects to perforate the upper zones in the well by mid-December. Reservoir behaviour will be closely monitored during the production testing phase and the testing regime will be adjusted in line with the well's performance. 

The Company will keep the market informed of progress on the next phase of operations on the Well.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

"We are moving up-hole to commence testing of the main zones of interest. The well-testing team has worked hard to try to achieve production from what was always going to be a challenging zone but we will now take the valuable operational lessons learned and data gathered, up-hole to what is expected to be more productive zones."

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 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.

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.

 

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