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Trinity Exploration & Production PLC - Leeds-based oil exploration company focused on Trinidad & Tobago - Starts drilling operations for the first well of its 2022 six-well onshore campaign. It says the fully-funded programme is targeting an aggregate 450 to 1,100 one thousand barrels of oil of reserves at a cost of between $14 million and $17 million.
The company says management believes the potential returns from the planned horizontal and deeper appraisal wells could underpin a material increase in production rates and potentially unlock previously untapped deeper pools of hydrocarbons.
Chief Executive Officer Jeremy Bridglalsingh comments: ‘We have significantly improved our understanding of our acreage through the 3D data acquired, underpinning our confidence in the current programme while also positioning the company to take advantage of future opportunities. We have set ambitious drilling targets as we focus on a step change in production, which could be further augmented by potential developments at our Trintes, Galeota and Brighton assets.’
The company says it is confident that it can support a multi-year onshore drilling programme from the prospects and leads identified from the evaluation of the 3D seismic. The 3D seismic interpretation has, to date, identified a ‘hopper’ of about 40 infill opportunities. It adds that the successful drilling of the deeper appraisal prospect would contribute to the company's ambition to double production by 2024.
Current stock price: 99.11 pence, down 1.4% on Wednesday
12-month change: down 33%
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