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Trinity Exploration & Production PLC - Leeds-based oil exploration company focused on Trinidad & Tobago - Pauses the farm down process at Galeota but reaffirms its intention to resume drilling on its Galeota farm asset in July. Names expected reforms to the supplemental petroleum tax considered by the government of Trinidad & Tobago as reason. ‘A number of participants have informed the company that they are unable to fully assess the economics of the opportunity at Galeota without clarity on the expected reforms,’ Trinity explains.
Galeota is in the far south-east of Trinidad. ‘The 2022 drilling programme is fully funded,’ it explains. The programme, which involves the drilling of a number of low angle conventional wells, is fully funded by cash resources, Trinity adds. The company aims to produce a peak of 7,000 barrels of oil per day through Echo Field development, one part of the Galeota project.
In March, the company received the final certificate of environmental clearance from Trinidad & Tobago's Environmental Management Authority for Galeota. The firm will publish its full-year results on May 24, it announces.
Current stock price: 125.35 pence, down 5.4% on Tuesday
12-month change: down 5.4%
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