Trinity Exploration & Production (LON:TRIN) shares advanced 15% with the news of a new oil discovery in the Galeota licence, in Trinidad.
It encountered 547 feet of net oil sands, containing high quality 28-30 degree API oil, in the TGAL-1 well which was drilled to a depth of 5,694 metres.
The discovery is estimated to have between 50 and 100mln barrels of gross original oil in place.
Trinity now plans to assess its appraisal and development options for the discovery.
“The TGAL-1 discovery is exciting news for all of Trinity’s stakeholders, and our team has done an excellent job in delivering this successful well safely.
“Trinity’s industrial thesis has always been to pursue low risk opportunities in Trinidad & Tobago, which we believe is a prolific but under-exploited hydrocarbon province.
“This is the second successful exploration well Trinity has drilled on the Galeota licence since 2012 (the first being EG-8) and demonstrates the further resource potential of the block.
“Our team is now focused on assessing development alternatives to move this project forward to FDP as soon as possible.”
On AIM, Trinity shares were up 19p or 15.5% trading at 145p each.