Page 13 - LatAmOil Week 04 2022

LatAmOil NEWS IN BRIEF LatAmOil

INVESTMENT
President Energy provides

Argentina update

AIM-listed President Energy has provided an
update on its interests in Salta, Argentina.
Mattoras and Ocultar: President has
announced that the non producing explora-
tion areas of Matorras and Ocultar have, with
the consent of the Province of Salta, been relin-
quished and the work commitments transferred
to the producing Puesto Guardian Concession.
The transfer of the work commitments to
Puesto Guardian totalling in value $2.61mn, is generation over the quarter offset by the pay- oil price environments. Confidence in the future
approximately the cost of one production well in ment due on completion of the PS-4 acquisition. is further enhanced by the GORTT’s intention,
addition to the current three-well programme. The completion of the PS-4 acquisition, stated in Q4-2021, to stimulate higher levels of
Accordingly, this means that the Company has which is contiguous to Trinity’s largest and activity and investment in the energy sector, with
exchanged non-drilling exploration dollar com- most prolific onshore Block, WD-5/6, signifi- a comprehensive review of Trinidad and Toba-
mitments for a further production well which it cantly enhances the Group’s onshore acreage. go’s taxation regime underway with outcomes
fully intends to drill in a known producing area, In addition, approval of the Field Development expected during H1 2022.
thereby generating royalties for the Province and Plan (FDP) for the Galeota Asset Develop- Jeremy Bridglalsingh, CEO, commented:
revenue for the Company whilst permitting the ment (‘GAD’) Project, which provides a suita- “Trinity’s robust performance during 2021,
Province to re-market the exploration Blocks. bly matured development concept for review particularly against the backdrop of the con-
President expresses its sincere appreciation of by potential funding partners, has enabled the tinuing COVID-19 pandemic, highlights the
the support of the Salta Province and its authori- farm-down process to commence. strength and resilience of our business. As well
ties in its endeavours both in relation to the cur- Outlook: Onshore, Trinity continues to be as delivering a strong operating performance,
rent $11mn three well drilling programme, the well placed to deliver growth with the recom- we have completed the PS-4 acquisition and
single most large capital investment in oil and mencement of onshore drilling now targeted commenced the search for a partner at Galeota,
gas production in Salta for many years, and the for H2-2022. This is likely, initially, to comprise a potentially significant near-term value catalyst,
matters referred to in this announcement. two infill wells at the under-exploited PS-4 with initial interest levels being encouraging.
President Energy, January 26 2022 Block, and Trinity is also working up a potential The relationship with Capricorn Energy con-
appraisal well targeting deeper horizons identi- tinues to develop, and we are working together
fied by the ongoing seismic interpretation. Trin- on the evaluation of opportunities within the
PERFORMANCE ity is also well funded to further grow its onshore T&T jurisdiction, with the most advanced of
portfolio as it bids for new blocks that are being these being the NWD opportunity. We have also
Trinity Exploration made available as part of the Government of registered our interest in six onshore blocks and
Trinidad & Tobago (GORTT) onshore licensing expect further opportunities to be presented
announces Q4-2021 round, designed to stimulate onshore activity. To by the shallow-water bid round commencing
this end, Trinity has submitted an Expression of shortly. Finally, the anticipated reform of the
operational update Interest (EOI) for six onshore blocks being made taxation regime should create a more attractive
available as part of this process; and has made a environment in which to deploy investment cap-
Trinity Exploration & Production, the inde- further EOI to enter into additional sub-licences ital. We believe the strong foundation we have
pendent E&P company focused on Trinidad and with a focus on improved/enhanced oil recovery created over the past few years positions us well
Tobago, has provided an update on its operations (IOR/EOR) in certain Heritage onshore acreage. to participate in the growing opportunity set
for the three-month period ended December 31, Trinity is also continuing to work with its part- which is ahead of us.”
2021. ner, Capricorn Energy, to evaluate the North Q4-2021 Operational Highlights: Robust
Q4-2021 Summary: With production levels West District (NWD) opportunity with bids due COVID-19 protocols put in place to limit the
maintained and continuing strong operating at the end of Q1-2022. impact of the pandemic on our operations and
cash generation demonstrating the strength Offshore, the focus will be on continuing to production. Quarter-on-quarter Group average
of its core producing asset base, Trinity made progress the GAD Project and the farm-down production volumes increased 3% to 3,103 bpd
good progress on a number of key initiatives to process. Trinity is encouraged by the interest for Q4-2021 (Q3-2021: 3,018 bpd). Full-year
achieve a step change in scale. being shown in the farm-down process at this 2021 average production of 3,069 bpd repre-
Production volumes averaged 3,103 bpd early stage, and will provide further updates as sents a year-on-year decrease of 5% (2020: 3,232
(Q3-2021: 3,018), yielding a full year 2021 aver- progress is made. Trinity also intends to review bpd). Full-year 2021 sales volumes totalled 3,006
age of 3,069 bpd, in-line with guidance provided the opportunities becoming available as part of bpd (2020: 3,226 bpd). The relatively modest
at the beginning of the year. The Group’s unau- the upcoming shallow water bid round. decline in year-on-year production, despite no
dited cash balance was $18.3mn as at December Trinity now has circa 50% of its expected new drilling, is the result of the Group’s rigorous
31, 2021 ($20.4mn unaudited as at September 2022 production hedged, ensuring it can exe- approach to managing every aspect of our base
30, 2021) with continuing strong operating cash cute its investment plans under a wide range of production.

Week 04 27•January•2022 www. NEWSBASE .com P13