Trinity Acquires Interest in Blocks 1a and 1b Off Trinidad

Trinity, the leading independent E&P company focused on Trinidad and Tobago, has secured an agreement with Centrica plc to acquire its 80% interests in Blocks 1a and 1b (the “Assets”) offshore the west coast of Trinidad for a headline consideration of US$23 million.

The Assets contain four gas discoveries with aggregate gross 2C resources of 268 Bcf (215 Bcf net).

The gas is fully appraised but currently undeveloped and Trinity is targeting first production from this project in 2017-2018 for sale to the domestic gas market.


·    Builds on Trinity’s growth strategy, targeting the basin’s growing set of undeveloped discoveries while diversifying the portfolio into gas production,

·    Significant growth in Trinity’s resource base (adds 36 mmboe 2C resources, increase of 42%),

·    Fully appraised asset with six wells and high quality 3D dataset, excellent reservoir quality and proven well deliverability located in shallow (20-35m) water,

·    Located 25km from Trinity operated Brighton Marine infrastructure and close to downstream market which includes seven methanol plants, eleven ammonia plants, one steel plant, four power generation plants and Atlantic LNG, the sixth largest LNG plant globally,

·    This will be a fast track, low cost greenfield development with an expected plateau production rate of 80 mmcf/d (64 mmcf/d or 10,700 boepd net),

·    Trinidad’s domestic market requires additional natural gas supply due to excess demand, as such market risk is minimal,

·    Approximately US$220 million invested by previous owners (substantially all Petro-Canada), significantly enhancing project economics.

 Joel “Monty” Pemberton, Chief Executive Officer of Trinity, commented:

This is an important strategic transaction for Trinity, both in terms of our resource base and the development potential of our business.  Trinidad & Tobago is evolving similar to other mature oil and gas provinces, with material assets becoming available to capable operators for immediate development.  Trinity was created to exploit such opportunities.

 “We are acquiring four high quality gas discoveries which can be rapidly monetised with a conventional low cost field development plan. Trinidad is a well-developed, world class domestic gas market with a need for significant new volumes in the near term. It is our intention to secure a Gas Sales Agreement and finalise a Field Development Plan in the next 12-18 months.

“With the addition of this new, high quality asset to the portfolio, Trinity is reviewing how best to allocate its capital in order to drive shareholder returns. The Company is reviewing a range of funding alternatives, including debt financing and partnering solutions, to ensure it has the optimal capital structure to grow the business and deliver shareholder value.”

Press Release, July 17, 2014


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