Trinity finds 585m barrels more in Galeota
- San-Fernando-Based Trinity Exploration and Production (E&P) plc now estimates its oil discovery at Galeota (TGAL) to be around 700 million barrels (mmbbbls), a company executive confirmed in a January 23 telephone interview. First announced in 2013 as 115 million barrels (mmbbbls), the find is located offshore Point Galeota in southwest Trinidad.
- Investors on the London Stock Exchange, where Trinity is listed, rewarded confirmation of the good news in the company’s January 15 operational update, with a 45-per cent spike in Trinity’s stock, from 11 pence per share (a 12-month low on December 24, 2018) to 16 pence per share. It closed trading at 14.6 pence per share Friday (Feb. 1, 2019).
- For the first phase of field development, the company is looking to develop the relevant infrastructure which would help it to achieve a medium-term onshore and offshore production target of over 7,500 bopd.
- Assuming other producers remain at current levels, this would make Trinity the country’s second top privately-owned oil producer, behind only Perenco (10,476 bopd); and above BP (6,804 bopd) BHP Billiton (4,679 bopd), Touchstone (projecting 2,000 bopd) and EOG Resources (1,385 bopd).
(Source: Trinidad Express)