Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces updated management estimates of Trinity's technical recoverable resources as at Year-End 2023. The technical work underpinning this management estimate was reviewed by Netherland, Sewell & Associates, Inc.
The largest reduction in 2P Reserves at Year-End 2023 is from wells that were categorised as economic 2P Reserves at Year-End 2022 which have been reclassified to 2C Resources due to individual opportunities being considered uneconomic at the date of review. Additional reductions are due to the impact of earlier economic limit truncations and revisions to the Trintes Infill well programme.
The reduction in 2C Resources is attributed largely to the Galeota block based on the latest interpretation and mapping of reprocessed seismic data which resulted in a view that the field structure is more steeply dipping than in previous interpretations. The Year-End 2023 total 2C for Galeota is 27.5 mmstb (compared to 35.8 mmstb previously). While the 2C Resource estimate for Galeota has been reduced the impact on the development plans for the field is minimal.
The Company will hold a session for investors via the Investor Meet Company platform in the week commencing 22 April 2024, following the announcement of its Q1 Operational Update that week.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"2023 witnessed a reduction in our reported reserves and resources base. This was due to a number of factors, primarily the reclassification of uneconomic wells which were originally in 2P and have now been moved to 2C. Whilst this is undoubtedly disappointing, all the Company's current growth scenarios are focused on exploiting the 2P reserves of 12.91mmbls, so this revision does not limit our growth plans."