Touchstone Exploration subsidiary awarded onshore block in Trinidad and Tobago 2022 bid round

Touchstone Exploration has announced that its wholly owned subsidiary, Primera Oil and Gas Limited (Primera) was awarded the Cipero onshore block in the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round.

According to a press release by the company, the Trinidad and Tobago government has authorized the Ministry of Energy and Energy Industries (MEEI)to enter into discussions with Primera for the grant of an Exploration and Production (Public Petroleum Rights) Licence for the Cipero block.

In addition, Primera was notified that its bid on the 72,784 gross acre Charuma block did not meet the technical requirements for the grant of an Exploration and Production (Public Petroleum Rights) Licence. However, the Trinidad and Tobago government has authorized the MEEI to enter into discussions with Primera to improve the minimum work program for the possible grant of a licence.

The 29,924 gross acre Cipero block is a strategic area for Touchstone, given its proximity to Rio Claro and our Ortoire block.

The bid committed the company to complete various geological studies, reprocess existing 2D seismic data, and drill an aggregate four exploration wells on the block during the initial six-year exploration period of the Licence.

Heritage Petroleum Company Limited is expected to have a 20 precent working interest in the Cipero block, with all exploration work commitments carried during the six-year exploration term of the Licence.11

According to the release, Primera will commence discussions with the MEEI to possibly enhance the minimum work program bid for the Charuma block. 

Paul Baay, President and Chief Executive Officer, Touchstone Exploration said, "With this successful outcome, we have been able to secure extensive acreage in the Herrera fairway. Although the primary geological target for the Cipero acreage is the Herrera Formation, our team has also identified additional targets within the Cretaceous. In addition to the execution of the licence, we will be required to conduct geological studies, reprocess existing 2D seismic data, and apply for regulatory permits prior to drilling, which is anticipated to take a minimum of three years. We are excited to formally commence working on the block and will provide further updates and details when the licence has been executed.