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Trinity Exploration & Production PLC - independent exploration and production company focused on Trinidad and Tobago - Confirms discovery of oil at Jacobin-1 site in the Lower Cruse sandstones within the Palo Seco area of the Southern Basin, near Trinidad. Over 290 feet of net oil pay encountered in Jacobin well, including 63 feet of net oil pay in deeper exploration targets. Trinity Exploration says that a comprehensive logging and pressure sampling confirms virgin pressures in these deeper zones that are within pre-drill range for a commercial discovery. The company is planning flow testing to confirm the durability of the reservoirs, which it is planning on starting in September. Chief Executive Officer Jeremy Bridglalsingh says: ‘This is a very significant and material achievement by the team. To find virgin oil in our mature acreage points to a step-change in our understanding of the hydrocarbon system, the remaining resource potential and how we can approach the exploitation of these resources.’ Current stock price: 89.87 pence, up 21% 12-month change: down 14% Copyright 2023 Alliance News Ltd. All Rights Reserved
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