11th Apr 2014 09:20
LONDON (Alliance News) - Trinity Exploration & Production PLC Friday said its net production averaged 3,978 barrels of oil equivalent per day in the first-quarter, driven by its onshore production, as it continues to focus on completing the B-9X infill well at the Trintes field.
In a statement, Trinity said its onshore net first-quarter production averaged 2,153 barrels of oil per day. Trinity's onshore drilling operations remain suspended while the company talks with Petrotrin about upgrading its onshore licenses. The upgrade is intended to improve efficiency, reduce operating costs and assess enhanced oil recovery opportunities on the combined acreage.
On the East Coast, Trinity's net first-quarter production averaged 1,278 barrels of oil per day. Trinity said it's currently drilling the Trintes B-9X infill/exploration well to a planned depth of 6,000 ft-MD. The well has been drilled to 4,564 ft MD and penetrated a total of 211 feet of net oil pay in these shallower horizons. Trinity said they represent good future recompletion opportunities.
Trinity said data suggests that initial production rates should exceed the 250-300 barrels of oil per day that are used in its well planning exercise and success in the exploration targets could generate an additional three to five follow on development wells in the area.
But Trinity said the drilling operation has been hampered by the repeated failure of one of two mud pumps. Trinity is still drilling but said the mud pumps will need to be replaced following completion of the B-9X well.
The drilling team is sourcing a pair of replacement pumps in the US, which cost about USD650,000 in total. They will be installed during June 2014. The remainder of the drilling unit and systems are operating well, Trinity said.
West Coast net first-quarter production averaged 547 barrels of oil per day.
"Trinity's focus is on completing the B-9X infill well at the Trintes field. This has delivered very encouraging results to date although progress of the well has been hampered by the mud pump issue which we are addressing. We are excited by the work being carried out by the TGAL development team as we continue at pace to select an innovative and value driven concept for the TGAL field development," Joel Pemberton, chief executive, said in a statement.
The reprocessing of the Trintes 3D OBC seismic data is proceeding, with completion expected by the end of May 2014, Trinity said in an update on TGAL.
Preliminary results indicate a substantial improvement in the imaging of the target horizons and the fault structure, Trinity said, adding that re-mapping of the Galeota license will initially focus on the TGAL discovery area and is expected to be completed during the third-quarter.
Trinity said TGAL development planning is proceeding with feasibility evaluations underway on prospective and innovative development alternatives and the company is targeting finalising a field development plan during the first-quarter of 2015.
Trinity shares were Friday quoted at 106.50 pence, down 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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