Caribbean-focused exploration group Trinity says it is preparing to spud two wells in the next few weeks as it looks to tap into as much as 45million barrels of new resources.
The company confirmed it has secured rigs for the proposed wells, on the east and west coasts of Trinidad.
The western prospect of El Dorado, which Trinity holds a 70% interest in, is currently being examined to see if waterflooding could improve the 51% success rate estimated for extracting its 13.4mmbbl.
Trinity said it was more confident of success with its GAL-25 prospect, on the island’s east coast, which is to be drilled in the fourth quarter of this year. The company said the site, which Trinity has a 64% stake in, could yield up to 31.9mmbbl, with a 64% chance of success.
“These two wells are targeting 45 mmbbl of gross unrisked prospective resources and have the potential to materially grow our existing reserves, production and cash flows over a short period of time,” said Trinity chief executive Monty Pemberton.
“These exploration prospects are close to Trinity operated producing infrastructure and as such, can be brought onto production rapidly once successful.
“In addition the availability of rig options creates operational flexibility to drill additional wells during 2014.”
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