Mise à jour opérationnelle du premier trimestre 1
Cette annonce contient des informations privilégiées telles que stipulées dans la version britannique du règlement sur les abus de marché n° 596/2014 qui fait partie du droit anglais en vertu de l'European (Withdrawal) Act 2018, tel que modifié. Lors de la publication de cette annonce via un Service d'Information Réglementaire, cette information est considérée comme étant dans le domaine public.
26 Avril 2024
Trinity Exploration & Production plc
("Trinity" ou "le Groupe" ou "la Société")
Mise à jour opérationnelle du premier trimestre 1
Trinity Exploration & Production plc (AIM : TRIN), la société indépendante d'exploration et de production axée sur Trinité-et-Tobago, provides an update on operations for the three-month period ended 31 March 2024 ("Q1 2024" or "the Period"). The information contained herein has not been audited and may be subject to further review and amendment.
Jeremy Bridglalsingh, PDG de Trinity, a commenté :
"Trinity's core business remains robust and cash-generative, with no long-term debt. We are focused on three immediate priorities:
1) Maximising cash flow from our existing producing assets in a safe and efficient manner.
2) Rebuilding cash following the drilling of the Jacobin well in 2023 with a strong focus on cost management; and
3) Maturing detailed engineering for our two principal projects, particularly Phase 1 (Trintes 2P) of the Galeota Development and preparing plans for the exploration of the Buenos Ayres block, to a point that they can attract new investment capital or being monetised through sale or farm-down.
I look forward to updating shareholders throughout the year as we execute our activities."
Opérations Jacobin-1
By mid-January production rates and flowing pressures from Jacobin had fallen to approximately 10 bopd with the well struggling to flow naturally, so the decision was taken to convert the well to pump. The pump was run in late February and fluids were brought to surface on 1 March 2024. However, significant quantities of sand were also being produced and, by late March, the pump failed with a sand blockage.
The forward plan for Jacobin, which has been submitted to Heritage Petroleum Company Limited and the Ministry of Energy and Energy Industries for approval, is to recomplete the Jacobin well up-hole in the Lower Forest horizon with production expected in the second half of May 2024.
Galeota / Trintes Development
Work on Phase 1 (Trintes 2P infill drilling) continued in Q1 and was focused on using the updated static and dynamic reservoir models to complete the primary target well bottom hole locations and well paths for infill wells, assuming drilling from the Trintes Delta platform. The updated static model for Trintes will be expanded to include the entire Galeota anticline structure during the remainder of 2024, including the TGAL area that the Mobile Production Unit concept would initially focus on.
Bloc de Buenos Ayres
On Buenos Ayres, work on the Environmental Impact Assessment continues to progress with the Certificate of Environmental Clearance Application expected to be submitted in late Q2 / early Q3 2024, along with ongoing subsurface evaluation.
Idle Well Study
Trinity has embarked on an idle well study, with the initial phase including technical reviews of approximately 250 wells, with field investigations having commenced on the first 30 of these wells which has added additional wells to the swabbing programme.
réservations
Further to the Company's announcement on 15 April 2024 the following tables provide a reconciliation, by operating area, of the revisions between Year-End 2022 and Year-End 2023. All data is Net Working Interest ("Net WI").
Comparison of YE 2022 vs YE 2023 2P Reserves
Asset | Réserves 2P OUI 2022 | 2023 Production
| Révisions 2P
| Réserves 2P OUI 2023 |
| mmstb | mmstb | mmstb | mmstb |
Onshore | 6.53 | - 0.55 | - 1.72 | 4.26 |
Cote Est | 9.26 | - 0.34 | - 1.14 | 7.78 |
West Coast | 2.17 | - 0.13 | - 1.18 | 0.86 |
Total | 17.96 | - 1.02 | - 4.03 | 12.91 |
Comparison of YE 2022 vs YE 2023 2C Resources
Asset | 2C Resource OUI 2022 | 2023 Production | Révisions 2C | 2C Resource OUI 2023 |
| mmstb | mmstb | mmstb | mmstb |
Onshore | 8.62 | N/D | - 4.88 | 3.74 |
Cote Est | 36.81 | N/D | - 5.50 | 31.31 |
West Coast | 3.45 | N/D | 0.18 | 3.63 |
Total | 48.88 | N/D | - 10.20 | 38.68 |
Faits saillants opérationnels du premier trimestre 1
· Q1 2024 sales volumes averaged 2,669 bopd (Q1 2023: 2,899 bopd, Q4 2023: 2,736 bopd).
· The Company maintains its Full-Year 2024 sales volume guidance of 2,600-2,700 bopd.
Average Annual and Quarterly Sales by Region
Asset | 12m 2023 bopd | Q1 2023 bopd | Q2 2023 bopd | Q3 2023 bopd | Q4 2023 bopd | Q1 2024 bopd |
Onshore | 1,495 | 1,548 | 1,477 | 1,493 | 1,462 | 1,383 |
Cote Est | 943 | 1,038 | 985 | 843 | 908 | 912 |
West Coast | 353 | 314 | 362 | 370 | 365 | 373 |
Total | 2,790 | 2,899 | 2,824 | 2,705 | 2,736 | 2,669 |
· Au cours du deuxième trimestre 1 :
- 33 workovers were completed (Q1 2023: 39; Q4 2023: 33).
- There was one recompletion in the Period (Q1 2023: two; Q4 2023: three).
- Swabbing operations continued across Onshore and West Coast assets.
Faits saillants financiers T1 2024
The Group reports its consolidated financial information half yearly, in its Annual Report & Accounts and Interim Results, in accordance with UK adopted International Accounting Standards and the London Stock Exchange's AIM Rules for Companies. Quarterly, the Group provides unaudited information for guidance.
· Average realised oil price of USD 69.9/bbl for Q1 2024 (Q1 2023: USD 67.9/bbl; Q4 2023: USD 71.6/bbl).
· EBITDA, pré-couverture1 in Q1 2024 of USD 4.0 million (unaudited) (Q1 2023 USD 5.3 million).
· Seuil de rentabilité opérationnel2, pré-couverture1, Q1 2024 of USD 44.3/bbl (Q1 2023: USD 35.4/bbl; Q4 2023: USD 39.8/bbl).
1 The Group had no hedging in place in 2023 or 2024.
2 Le point mort opérationnel est le prix/baril réalisé où l'EBITDA ajusté/baril du Groupe est égal à zéro.
· Cash balance of USD 8.6 million (unaudited) at 31 March 2024 versus USD 9.8 million (unaudited) at 31 December 2023 and USD 11.4 million (unaudited) at 31 March 2023.
· The Group had drawn borrowings (overdraft) of USD 4.0 million at 31 March 2024 (USD 4.0 million at 31 December 2023 and USD 2.3 million at 31 March 2023).
· VAT refunds collected in Q1 2024 totalled USD 0.8 million. VAT refunds outstanding as at 31 March 2024 are USD 5.1 million reflecting expenditures, principally on the Jacobin well in 2023.
Présentation aux investisseurs
The Company will host a presentation through the digital platform Investor Meet Company. The confirmed time and date will be announced separately.
Les investisseurs peuvent s'inscrire gratuitement à Investor Meet Company et ajouter à Meet Trinity Exploration via le lien suivant. https://www.investormeetcompany.com/trinity-exploration-production-plc/register-investor. Investors who already follow Trinity on the Investor Meet Company platform will automatically be invited.
Enquêtes
Trinity Exploration & Production plc Jeremy Bridglalsingh, directeur général Julian Kennedy, directeur financier Nick Clayton, président non exécutif | Via Vigo Conseil |
SPARK Advisory Partners Limitée (Conseiller désigné et conseiller financier) Marc Brady James Keeshan | + 44 (0) 20 3368 3550 |
Marchés des capitaux Cavendish Limitée (Broker) Leif Powis Derrick lee Neil McDonald | + 44 (0) 20 7397 8900 + 44 (0) 131 220 6939 |
Vigo Consulting Limitée Finlay Thompson Patrick d'Ancône | trinité@vigoconsulting.com +44 (0)20 7390 0230 |
À propos de 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 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.
Trinity est cotée à l'AIM, un marché exploité et réglementé par la London Stock Exchange Plc, sous le symbole TRIN.
Déclaration de la personne qualifiée
Les informations techniques contenues dans l'annonce ont été examinées et approuvées par Mark Kingsley, directeur de l'exploitation de Trinity. Mark Kingsley (BSc (Hons) Chemical Engineering, Birmingham University) possède plus de 35 ans d'expérience dans l'exploration, le développement et la production internationaux de pétrole et de gaz et est ingénieur agréé.
Clause de non-responsabilité
Ce document contient certaines déclarations prospectives qui sont soumises aux facteurs de risque et aux incertitudes habituels associés aux activités d'exploration et de production pétrolières. Bien que le Groupe estime que les attentes reflétées dans le présent document sont raisonnables à la lumière des informations dont il dispose à l'heure actuelle, le résultat réel peut être sensiblement différent en raison de facteurs macroéconomiques indépendants de la volonté du Groupe ou sous le contrôle du Groupe.
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