Trinity Exploration & Production PLC (AIM:TRIN) said drilling has started on the first well of its 2022 six-well programme.
The Trinidad and Tobago-focused company has previously said its fully-funded drilling programme, which includes conventional infill wells, a horizontal well and a deeper appraisal well, will target an aggregate 450,000-1.1mln barrels of reserves at a cost of US$14-17mln.
AIM-traded Trinity said its management believes that the potential returns from the proposed horizontal and deeper appraisal wells could underpin a material increase in production rates and potentially unlock previously untapped deeper pools of hydrocarbons.
“We have set ambitious drilling targets as we focus on a step change in production, which could be further augmented by potential developments at our Trintes, Galeota and Brighton assets," said chief executive Jeremy Bridglalsingh.
The company warned that poor weather conditions could hamper the work due to the current orange-level tropical storm warning in Trinidad.