Trinity Exploration & Production plc, an independent focused on Trinidad and Tobago, issued an update today on its upcoming exploration program.
Trinity plans to spud two offshore exploration wells in 4Q 2013, one on the west coast (El Dorado) and the other on the east coast of Trinidad (GAL-25). These wells expose investors to combined gross unrisked prospective resources of 45 mmbbl. Both prospects are located close to existing Trinity-operated production and infrastructure and can therefore, on success, be put on production in a short space of time.
Trinity has committed to one rig slot with each of the Rowan Gorilla III and the WS-152 jackup rigs to drill these wells. Trinity also has options to take additional rig slots if required.
The El Dorado prospect is located on the PGB acreage offshore the shallow water West coast where Trinity holds a 70% working interest. The El Dorado well will test an undrilled fault block on the West flank of the Trinity operated producing Brighton field. The well will be drilled vertically to 6,138ft TD targeting stacked pay with three primary target horizons and a further three secondary objectives. Trinity has contracted the WS-152 mat-supported jack-up rig to drill this prospect and the well is expected to spud in 4Q 2013.
Management estimates the El Dorado well is targeting gross unrisked P50 prospective resources of 13.4mmbbl with a chance of success estimated at 51%. This estimate is based on primary recovery only; Trinity is currently undertaking an engineering study to examine whether waterflooding could successfully improve recovery rates in this area which could potentially double the resource potential of El Dorado.
Trinity has signed a rig contract with Rowan that provides Trinity with one firm rig slot with the Gorilla III jackup rig for 2013. The rig will become available to Trinity once it has completed its current campaign with a third-party operator in Trinidad, expected to be in 4Q 2013.
Trinity will use the rig to drill the GAL-25 prospect on the Galeota license (Trinity 65% working interest) targeting a northeast extension of the Trinity-operated, producing Trintes field. The well will be drilled vertically to 6,500ft TD to test nine stacked reservoir sands. Three primary reservoirs are being targeted: M, N and O sands, all of which are high-quality sandstones that offer the potential for high recovery factors.
Management estimates the GAL-25 well is targeting gross unrisked P50 prospective resources of 31.9mmbbl with a chance of success estimated at 64% in the primary reservoirs.
Monty Pemberton, Chief Executive Officer of Trinity, said: “Trinity has secured rig access to embark on a high-impact, low-risk exploration program that will commence in Q4 this year. These two wells are targeting 45 mmbbl of gross, unrisked, prospective resources and have the potential to materially grow our existing reserves, production and cash flows over a short period of time. These exploration prospects are close to Trinity-operated producing infrastructure and as such, can be brought onto production rapidly once successful. In addition, the availability of rig options creates operational flexibility to drill additional wells during 2014.”