Bayfield Energy Holdings and Trinity Explorer hit by production issues

Bayfield Energy Holdings and Trinity Explorer said operational problems have hit production at their Trintes oil field off the coast of Trinidad.

Bayfield Energy Holdings and Trinity Explorer said operational problems have hit production at their Trintes oil field off the coast of Trinidad.

The companies reported a failure of the main generator of its Alpha platform at the prospect.

"Following repairs to the generator, intervention work has been undertaken to resume production from the wells impacted by the power outage," Bayfield said in a statement.

"Production from these wells is increasing though still at levels below those achieved prior to the incident.

"12 wells from a total of 36 potential production wells are currently shut-in awaiting remediation."

Remedial action is in progress and expected to add up to circa 410 barrels of oil per day (bopd) by the end of March. Current gross production is circa 1,800 bopd.

A new generator will be installed on Alpha along with preventative maintenance.

The problems were noted alongside Trinity's sales results for January which averaged 2,260bopd net, ahead of budget for the period.

The news comes after Bayfield said it would merge with Trinity, in a reverse takeover of the London-listed company.

Each Trinity share will receive about 7,478 new ordinary shares of Bayfield.

Monty Pemberton, Chief Executive Officer of Trinity, said he was pleased with the company's results last month and is looking forward to the merger.

"We eagerly await completion of the merger with Bayfield to provide the financial resources needed to rectify Bayfield's current production issues and deliver the work programme as presented in the Admission Document," he said.

"We remain confident that we will achieve the previous guidance of 5,000 bopd exit rate for 2013."

RD

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022
Paypal, bitcoin, and the weaponisation of money
Bitcoin & crypto

Paypal, bitcoin, and the weaponisation of money

Recent events have shown how both business and governments can “weaponise” money and shut down dissent. What to do? Buy bitcoin, says Dominic Frisby.
22 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022