Trinity Exploration & Production PLC (AIM:TRIN) saw its shares drop as much as 7% in Wednesday’s early deals after a generator-related fire occurred on Trinity's Bravo Platform in the Trintes Field offshore east coast Trinidad, resulting in halted production.
The oil and gas company, in a statement, said that the fire on Monday 10 April was successfully and quickly extinguished and the platform was subsequently evacuated. No hydrocarbons were released into the environment as a result of this incident, it added.
Assessment of the platform on Tuesday concluded that damage is limited to a generator with the platform structure and other platform electricals and equipment in good order.
Trinity said it expects the generator will be replaced and necessary repairs will be undertaken within three to four days, and it intends to initiate production restart in a phased manner thereafter subject to regulatory approval.
Operations are meanwhile resuming at the Alpha and Delta locations, with the previously producing wells coming back online late on Tuesday evening.
“As is normally the case with any shutdown and restart, well flow rates will be optimised over the coming days to attain pre-shut-in production levels,” Trinity said in a statement. “We would like to take this opportunity to thank the team working on this incident for their diligence, which facilitated a quick and resilient response.”
The Bravo platform accounts for 350 barrels of oil production per day, of the total 1,010 bopd production from the Trintes field.
In London, Trinity shares initially dropped back around 7%, pricing as low as 82p before coming back to 85.8p within a few minutes. At this level the company has a market worth of around £33mln.