Trinity Exploration & Production PLC (AIM: TRIN) witnessed a decline in its shares by up to 7% during early trades on Wednesday due to a fire caused by a generator on the Bravo Platform at the Trintes Field, located offshore the east coast of Trinidad.
This has resulted in suspended production. According to the oil and gas company, the fire, which occurred on Monday 10 April, was quickly extinguished, and no hydrocarbons were released into the environment.
An evaluation of the platform on Tuesday revealed that only a generator was damaged, while the platform structure and other electrical equipment remain unaffected. Trinity anticipates that the generator will be replaced, and repairs will be carried out within three to four days.
Subsequently, the company plans to recommence production in a phased manner, subject to regulatory approval. In the meantime, operations have resumed at the Alpha and Delta locations, with previously producing wells being reinstated late on Tuesday evening.
The Bravo platform contributes 350 barrels of oil production per day out of the total 1,010 bopd productions from the Trintes field. The company’s share price fell to as low as 82p before rebounding to 85.8p a few minutes later in London. Trinity is currently valued at around £33mln.
