Trinidad-based independent exploration and production (E&P) company, Trinity Exploration & Production has disclosed operational developments for the three months ending December 31, 2023 (Q4 2023).
The company detailed ongoing operations at the Jacobin-1 well, emphasizing safety measures and addressing challenges encountered. Trinity confirmed the safe perforation of two Lower Cruse 1 zones at Jacobin but acknowledged a decline in flow rates, prompting a shift to pumped production.
Trinity said it remains optimistic about the Palo Seco “Hummingbird” prospects, drawing valuable insights from Jacobin-1 data.
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“The forward plan is to convert the well to pumped production and monitor the performance of the LC-1 zones. We will assess the potential in the uphole zones and see if a recompletion of either the Upper Cruse, Lower Forest or Upper Forest zones is justified.”
Regarding costs, Trinity estimates US$8.3 million incurred for Jacobin-1, with US$6.2 million already paid. Trinity said it expects to settle the total cost of this well without recourse to any external finance.
Fiscal reforms, including changes to Trinidad’s Supplemental Petroleum Tax (SPT) regime, were also highlighted, promising positive impacts on Trinity’s cash flow.
Its Q4 2023 operational highlights reveal average sales volumes of 2,736 barrels of oil per day (bopd). Trinity acknowledged that its full-year 2023 sales volumes averaged 2,790 bopd, slightly below the lower end of previous guidance but remains optimistic about the future trajectory.
