Trinity confirms Palo Seco onshore oil find

Trinity Exploration and Production – a local independent oil producer – has confirmed the discovery of new onshore oil in the Palo Seco area.

This follows the completion of drilling of its onshore Jacobin-1 well.

Trinity, in a press release on Monday, said the Jacobin-1 well was successfully drilled to a total depth of 10,021, feet where over 290 feet of net oil pay was encountered.

Jacobin-1 is one of the deepest wells drilled in recent times in the prolific Palo Seco area, onshore Trinidad.

In May, the Jacobin-1 well was spudded with the aim of appraising and exploring the potential of lower cruse sandstones in the area.

A comprehensive logging and pressure sampling programme confirmed virgin pressures in these deeper zones – which are within the pre-drill range for a commercial discovery, the release said.

It addedthat oil produced during well testing is expected to be sold immediately to Heritage within the PS4 licence area as operated by Trinity, demonstrating the speed at which the well will be able to generate revenue after drilling is completed.

Jeremy Bridglalsingh, CEO of Trinity, said, "This is a very significant and material achievement. To find virgin oil in our mature acreage points to a step-change in our understanding of the hydrocarbon system, the remaining resource potential and how we can approach the exploitation of these resources.”

Bridglalsingh thanked Heritage for its assistance in the drilling process.

He said the full production testing programme will start in September.

Trinity operates producing and development assets both onshore and offshore, in the shallow waters off the west and east coasts of Trinidad.

Its portfolio includes current production, significant near-term production growth opportunities from low-risk developments and multiple exploration prospects with potential to deliver meaningful reserves/resources growth.