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TRIN Trinity Exploration & Production Plc

35.75
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Trinity Exploration & Production Plc LSE:TRIN London Ordinary Share GB00BN7CJ686 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 35.75 35.00 36.50 35.75 35.75 35.75 4,660 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Trinity Exploration & Production 2024 Guidance and Operational Update

01/02/2024 7:00am

RNS Regulatory News


RNS Number : 5885B
Trinity Exploration & Production
01 February 2024
 

Trinity Exploration & Production

 

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.

 

1 February 2024

 

Trinity Exploration & Production plc

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

 

2024 Guidance and Operational Update

 

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces updated guidance for 2024 and provides an operational update.

 

2024 Guidance

 

Trinity provides the following update on guidance for 2024:

 

·    Sales guidance of between 2,600-2,700 bopd (Q4 2023: 2,736 bopd, FY 2023:  2,790 bopd)

Supported by workovers, recompletions and extensive swabbing operations

Reflects low field declines resulting from a strong operational focus on maximising production uptime

 

·    Capex expected to be US$7-8m to fund a programme of recompletions and production-related expenditure, minor sustaining capex, and growth projects such as Buenos Ayres environmental clearance and maturing Trintes 2P reserves

 

 

Operational Update

 

Buenos Ayres Block

 

As announced on 13 June 2023, Trinity was successful in its bid for the Buenos Ayres block, offered in the 2022 Onshore and Nearshore Competitive Bid Round. We expect an official award of this licence to occur in Q1 2024 and anticipate being awarded Operatorship of the block with an 85% interest, as previously announced. In the meantime, the Company continues to progress the Environmental Impact Assessment and is on track to complete this in H1 2024. The data acquired from the Jacobin-1 well has provided significant insight into the geology of the Buenos Ayres block and technical work is underway to identify a prospect to be drilled in H1 2025.

 

Galeota Development

 

As announced on 27 June 2023, Trinity appointed Petrofac to undertake a Concept-Screening study for the development of further reserves in its Galeota Block offshore the East Coast. The Galeota Block contains estimated 2P+2C reserves and resources of 46.1 million barrels of oil equivalent and is the Company's largest asset. The initial results of this study are encouraging, and a third-party technical review of Trintes infill wells is now in progress, alongside facilities assurance planning.

 

Capital allocation policy

 

Trinity is committed to pay a dividend of GB £0.01 once the Company's 2023 results are finalised in Q2 2024. An interim dividend can be expected in Q4 of this year.

 

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:

 

"2024 is an important year for Trinity as we look to build on our opportunities in the Buenos Ayres block and wider Miocene play using data gained from Jacobin, and also progress our planning for Galeota. Operationally we will be highly focused on offsetting natural production decline through a very active programme of workovers, recompletions and swabbing operations. With the benefit of recently enacted SPT reforms, we anticipate strong cashflow from our production base which will help support our future drilling plans. Operations continue across our portfolio, including at the Jacobin well and we will update the market in further detail in our next quarterly update."

 

 

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

+44 (0)20 3368 3550



Cavendish Capital Markets Limited (Broker)

Leif Powis

Derrick Lee

Neil McDonald

+44 (0)20 7397 8900

+44 (0)131 220 6939



Vigo Consulting Limited

Finlay Thomson

Patrick d'Ancona 

trinity@vigoconsulting.com

+44 (0)20 7390 0230 

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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