Trinity Exploration & Production PLC - independent exploration and production company focused on Trinidad and Tobago - Says that it has appointed Petrofac Ltd to undertake a concept-screening study for the development of further reserves in its Galeota Block, offshore East Coast Trinidad. The Galeota Block contains resources of 46.1 million barrels of oil equivalent, and is the company’s largest asset.

Petrofac is a London-based energy services company in oil, gas, refining, petrochemicals and renewable energy infrastructure.

The study will take a ‘fresh look’ at development concepts for the Galeota Block. It is expected to finish in September.

Chief Executive Officer Jeremy Bridglalsingh says: ‘While our immediate operational focus is on drilling the onshore Jacobin well, we continue to assess plans to unlock the development potential of our Galeota Block which comprises 69% of our 2P+2C Reserves and Resources. We look forward to working with Petrofac to progress the Concept-Screening study.’

Trinity current stock price: 81.40 pence

12-month change: down 19%

Petrofac current stock price: 71.70 pence

12-month change: down 40%

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