27th Oct 2014 09:34
LONDON (Alliance News) - Trinity Exploration & Production PLC Monday said its net production increased slightly in the third quarter, with current production rates higher, following what it said was "successful workover activity".
The Trinidad and Tobago focused exploration and production company said net production averaged at 3,619 barrels of oil equivalent per day in the third quarter, up from 3,613 barrels in the second quarter.
It said current production is 3,845 barrels of oil equivalent per day.
The company said West Coast net third quarter production averaged at 596 barrels of oil per day, and current West Coast production is 620 barrels per day. This compared with net production of 612 barrels of oil per day in the second quarter.
It also said that workover operations for the ABM-151 and the ABM-150 wells will be completed once negotiations are finalised with its joint venture partner on a rig sharing arrangement.
Trinity said East Coast net production in the third quarter averaged at 1,100 barrels of oil per day, higher than the 978 barrels of oil per day in the second quarter.
"Current production at the Trintes field is around 1,110 barrels of oil per day. Production at the Trintes field was in line with forecast, and has continued to be so," the company said in a statement.
Onshore, Trinity said net production averaged at 1,923 barrels of oil equivalent per day.
"Since the quarter end, Trinity has undertaken a successful recompletion at the PS-575 well in the WD-2 field which has added around 200 barrels of oil per day," the company said, adding that current onshore production is 2,115 barrels of oil per day.
Trinity said its portfolio presents an inventory of development drilling and workover opportunities, which it said are currently being assessed by the board as part of its annual budget plan for 2015.
The company's shares were untraded Monday morning at 47.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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