Shares of Trinity Exploration & Production PLC (AIM: TRIN) soared 22% in early trading following the verification of the onshore Trinidad-based Jacobin-1 oil discovery.
CEO Jeremy Bridglalsingh praised this development as an “extraordinary accomplishment.”
The unearthing of “untouched oil” in an extremely mature basin symbolized a “paradigm shift” in the company’s comprehension of the oil and gas system, he explained further.
The well, situated in the highly productive Palo Seco region, was drilled to a depth of 10,021 feet, marking it as one of the deepest wells in the area in recent history.
It came across over 290 feet of net oil pay, with 63 feet in the deeper exploration targets. The findings align with the projected range for a commercially viable discovery, with flow testing scheduled to start in September.
Oil is anticipated to be marketed promptly upon completion of drilling, illustrating the swift generation of revenue.
The results also confirm the geological model, indicating the presence of a deeper play throughout Trinity’s entire Palo Seco area and the newly awarded Buenos Ayres block, according to information provided to investors.
