LONDON (ShareCast) - Bayfield Energy, an upstream oil and gas exploration and production company, has completed well B3 on its Trintes field offshore Trinidad, bringing it on production at a stabilised rate of 536 barrels of oil per day (bopd).

The well confirms the production potential of the M Sand in the south-west part of the field where three further development wells are planned to be drilled this year, the firm said.

The rig used on the well will now undertake a programme of workovers to replace pumps on six production wells on the Bravo platform. The company wants to achieve additional incremental production of 250-300 bopd and expects to increase the reliability of these wells by eliminating all dependence on ageing hydraulic powered oil pump systems.

The latest reported production rate from the Trintes field has now increased to over 2,300 bopd.

The share price jumped 11.54% to 1.50p by 09:55.

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