REG - Trinity Exploration - Buenos Ayres Block Licence Signing

Trinity Exploration & ProductionAnnouncement

21/06/2024 16:45

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RNS Number : 4627T  Trinity Exploration & Production  21 June 2024

 

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.

 

21(st) June 2024

 

Trinity Exploration & Production plc

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

 

Buenos Ayres Block Licence Signing

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P
company focused on Trinidad and Tobago, is pleased to announce that it has
today signed an Exploration and Production Licence with the Government
of Trinidad and Tobago's Ministry of Energy and Energy Industries ("MEEI")
for the Buenos Ayres block, with an effective date of 1(st) July 2024.  This
comes after the Company was advised in June 2023 by the MEEI that it had been
successful in its application for the Buenos Ayres block (as mentioned in the
Company's recently published Scheme Document) and follows the conclusion of a
successful negotiation of final terms and conditions.

Trinity has an 85% operated working interest in the Buenos Ayres licence,
working together with state-owned oil company Heritage Petroleum Company
Limited which holds the remaining 15% working interest.  In preparation for
the work programme, Trinity has already commenced subsurface evaluation to
further understand the prospectivity and is well underway with the Certificate
of Environmental Clearance ("CEC") and Environmental Impact assessment ("EIA")
process to facilitate exploration drilling once optimal drilling locations are
identified.  The exploration work programme consists of four exploration
wells supported by geological and geophysical studies over the six-year
initial licence period.

The block covers an area of approximately 41km(2) and sits within the
prolific southern basin of Trinidad.  It is located immediately to the west
of Trinity's producing Palo Seco Blocks WD-5/6, WD-2 and PS-4 which produce
from the Forest and Cruse reservoirs, the most productive in the Basin.
While the Buenos Ayres Block is undrilled, ongoing seismic evaluation suggests
that there is potential for similar hydrocarbon trapping mechanisms at Forest
and Cruse levels, to those seen in the adjacent Palo Seco fields.  The modern
data acquired in the recently drilled Jacobin well along with reprocessing of
the 3D seismic will greatly improve the Company's understanding of the
geologic models for Buenos Ayres and assist in derisking exploration
prospects.

The proximity of the Trinity's Palo Seco operations is also expected to create
opportunities for operational efficiencies both in the exploration and
development/production phases in the event of exploration success.

 

- Ends -

 

 

Enquiries:

 Trinity Exploration & Production plc            Via Vigo Consulting

 Jeremy Bridglalsingh, Chief Executive Officer

 Julian Kennedy, Chief Financial Officer

 Nick Clayton, Non- Executive Chairman

 SPARK Advisory Partners Limited                 +44 (0)20 3368 3550

 (Nominated Adviser)

 Mark Brady

 James Keeshan

 Cavendish Capital Markets Limited (Broker)      +44 (0)20 7397 8900

 Leif Powis                                      +44 (0)131 220 6939

 Derrick Lee

 Neil McDonald

 Vigo Consulting Limited                         trinity@vigoconsulting.com

 Finlay Thomson                                  +44 (0)20 7390 0230

 Patrick d'Ancona

 

Publication on Website

 

In accordance with Rule 26.1 of the Code a copy of this announcement will be
available free of charge, subject to certain restrictions relating to persons
resident in Restricted Jurisdictions, on the investor relations section of
Trinity's website at
https://trinityexploration.com/investors/touchstone-offer/
(https://trinityexploration.com/investors/touchstone-offer/) by no later than
12.00 noon (London time) on the business day immediately following this
announcement. The content of the website referred to in this announcement is
not incorporated into and does not form part of this announcement.

 

 

About Trinity (www.trinityexploration.com (http://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 licences and,
across all of the Group's assets, management's estimate of the Group's 2P
reserves as at the end of 2023 was 12.91 mmstb.  Group 2C contingent
resources are estimated to be 38.68 mmstb.  The Group's overall 2P plus 2C
volumes are therefore 51.58 mmstb.

 

On 1 May 2024, the board of directors of each of Trinity and Touchstone
Exploration Inc (TSX, LSE: TXP) ("Touchstone") announced that they had reached
agreement on the terms of a recommended all share offer pursuant to which
Touchstone will acquire the entire issued and to be issued ordinary share
capital of Trinity (the "Acquisition").  The Acquisition is to be effected by
means of a scheme of arrangement under Part 26 of the Companies Act.  Further
information on the Acquisition can be found on Trinity's website at:
https://trinityexploration.com/investors/touchstone-offer/
(https://trinityexploration.com/investors/touchstone-offer/) .

 

Trinity is quoted on AIM, a market operated and regulated by the London Stock
Exchange Plc, under the ticker TRIN.

 

 

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