Barrel Number 30 million produced at Trintes Field
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is delighted to announce that Barrel number 30 million has recently been produced from its Trintes Field offshore the East Coast of Trinidad (“Trintes” or the “Field”).
Trintes is currently producing over 1,000 bopd through artificial lift including ESP (electrical submersible pumps) and PCP (progressive cavity pumps) technology. Trinity is a leader in using these artificial lift technologies offshore Trinidad and Tobago. The Field is profitable with operating costs of US$18.9/bbl and an operating break-even of US$24.9/bbl (2017) and the Company remains excited by development opportunities.
Prolific Basin with Strong Producing History
Trintes came into production in 1971 and is located on the south west end of the Galeota Anticline offshore the East Coast of Trinidad. The Field, which contains four platforms, is 12 km from our shore base in 80' of water. The Field, and indeed whole of the Galeota Anticline, is comprised of high quality vertically stacked sandstone reservoirs that contain good quality 26 API oil.
The definition of the Galeota Anticline from a geological structural standpoint and its relationship to previous wells, including the successful TGAL-1 exploration well drilled by Trinity in 2013, has only recently been understood through the re-processing, re-interpretation and re-integration of that data set into our new subsurface model. That model defines a STOIIP for the entire Galeota Anticline of 700 mmstb of which the Trintes Field occupies 200 mmstb of that total.
Significant Potential for Future Development
Having operated the Field for the last five years, the Company's understanding of the reservoir, its distribution, production behaviour and potential drilling challenges will be invaluable in its planning process to take the remaining 2P reserves and 2C resource base forward across the Galeota Anticline.
To that end the Company is working on a phased and innovative approach to further development which may involve, in the first phase, a low cost minimal facilities platform, a lightweight drilling solution and the possibility of electrical power from the shore (currently offshore diesel generator sets). This approach is aimed to drive down capex and opex and therefore increase returns to the Company whilst minimising risk. The work on the Development Plan is well underway and the Company will update the market as and when appropriate.
Bruce A. I. Dingwall CBE, Executive Chairman of Trinity, commented:
“We are delighted that this milestone has been reached. The Galeota licence and the Trintes Field are of significant scale and importance to the Company and to Trinidad and Tobago. The quality of this asset and our wider offshore portfolio provides us with significant medium to long-term growth opportunities in addition to our proven onshore strategy. We very much look forward to updating the market with further developments.”