24th Sep 2013 11:12
LONDON (Alliance News) - Trinity Exploration and Production PLC Tuesday said its B11 sidetrack at the Trintes Bravo platform is now on stream and producing.
The oil and gas exploration and development company with operations in Trinidad and Tobago said the initial gross production rate at the sidetrack is 265 barrels of oil per day bringing group net production up to 4,000 barrels of oil per day.
On September 19, the company announced in its first half results that its pretax profit rose to USD60.8 million for the six months to June 30, from USD9.7 million a year earlier, as Trintes production grew rapidly across the period.
The company said that the rig used to start operations at the sidetrack will now be moved to upgrade the mud systems at the site ahead of further drilling later in the year.
"Initial production rates from the B11 well demonstrate the Trintes reservoir ability to deliver. The upgrade plan to our rig over the next two months will significantly improve drilling efficiency and we look forward to recommencing our infill drilling programme on Trintes in November 2013," chief Executive Joel Pemberton said in a statement.
Trinity Exploration shares were down 1.22% to 101.25 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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