23rd May 2019 12:41
LONDON (Alliance News) - Trinity Exploration & Production PLC said Thursday it is exploring workplans in Trinidad that would involve the use of new technologies.
Speaking at the company's annual general meeting on Thursday morning, Trinity Executive Chair Bruce Dingwall said that, while the exploration and production firm is "continuing to work up the significant medium term offshore opportunity at TGAL" - its offshore oilfield in Trinidad - Trinity is also looking at plans that would "further differentiate" its model by using new technologies.
The specific nature of these technologies was not elaborated on by the chair. Dingwall also expressed confidence in Trinity's ability to capitalise on fresh possibilities in Trinidad.
"Having proven and funded our near-term growth cycle, given our strong capital position, asset and reserves base we believe we are extremely well placed to respond to the additional opportunities opening up in Trinidad and to generate attractive returns for shareholders," said Dingwall.
In the nearer term, offshore drilling is to begin early in the second half of 2019. Dingwall expressed particular enthusiasm for the planned high-angled well, one of the eight total wells to be drilled in the campaign and the first of its kind for the company. He said it "could potentially lead to a significant increase in initial production rates and returns in the short to medium term".
Trinity's board and management holds a combined 23% equity in the company and Dingwall said they "remain highly focused on delivering for all shareholders over the short, medium and longer term".
Shares in Trinity Exploration & Production were down 1.3% at 11.60 pence on Thursday.
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