Trinity Spuds TGAL-1 Well (Trinidad)

Trinity, the leading independent E&P company focused on Trinidad and Tobago, announces the commencement of drilling operations at its TGAL-1 exploration well which lies within the Galeota license offshore the east coast of Trinidad.

This well was previously referred to as GAL-25. Trinity is operating the well and holds a 65% working interest in the prospect.

The TGAL-1 well is targeting an up-dip extension of the Trinity operated producing Trintes field. Drilling operations are being undertaken utilising the Rowan Gorilla III jack-up rig and the well will be drilled vertically to a total depth of 6,500 ft in order to test nine stacked reservoir sands. Three reservoirs are the primary targets, the M, N and O sands, all of which are made up of high quality sandstones that offer the potential for large reserves and high recovery factors. Management estimates the TGAL-1 well is targeting gross unrisked P50 prospective resources of 32 mmbbl with a chance of success estimated at 64% in each of the primary reservoirs. The well is expected to take 30 days to drill.

Monty Pemberton, Chief Executive Officer of Trinity, commented:

“Trinity is pleased to announce the spud of the TGAL-1 exploration well. This well is targeting 20mmbbl net to Trinity and as such offers significant potential reserve and future production and cashflow to the Company. Consistent with our strategy and operating philosophy, the prospect is close to our operated infrastructure allowing for rapid development if successful.

This is the first of two exploration wells that will spud before year-end with the El Dorado well targeting 13 mmbbls offshore the west coast also expected to spud shortly. With these two wells, Trinity is exposing investors to significant growth potential over the short term.”

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Press Release, October 31, 2013