Trinity Exploration & Production has announced that it has been advised by the Government of Trinidad and Tobago Ministry of Energy and Energy Industries ("MEEI") that Trinity's application for the Buenos Ayres block offered in the 2022 Onshore and Nearshore Competitive Bid Round has been successful.
The MEEI has invited Trinity to enter into discussions for the grant of an Exploration and Production (Public Petroleum Rights) Licence for the Buenos Ayres Block.
Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
"Trinity is very pleased to have been successful in our bid for the Buenos Ayres block - we believe it is a second important catalyst in quick succession following commencement of the Jacobin well. It is a cornerstone of Trinity's refreshed strategy and focus to leverage our competitive advantage in the Palo Seco area.
Our investment in purchasing the North West District 3D seismic dataset and resultant exhaustive subsurface work has provided Trinity with an unparalleled understanding of the trapping mechanisms in the Palo Seco area. Our review of the 3D seismic over Buenos Ayres block, utilising our in-house knowledge, has highlighted multiple prospects at a variety of levels in this virgin block.
The Buenos Ayres block is highly unusual being a relatively undrilled block in what is a very mature basin setting. As this is proposed to be an Exploration and Production Licence we expect better commercial and stronger legal terms than our existing onshore sub-licences, we are planning to fast track the first exploration well on Buenos Ayres within the next 12-18 months, subject to acquiring environmental approvals.
Our Jacobin well, targeting a deep Miocene Play objective in the Palo Seco area, will be invaluable in collecting data to further refine our geological model, with a direct bearing on Buenos Ayres. Our strong commitment to Buenos Ayres demonstrates our intention to rapidly exploit our competitive edge onshore Trinidad with opportunities material for Trinity and where initial drilling success can quickly be followed by a move to production operations.
Following positive fiscal changes last year, the success of this licensing round demonstrates that the Government is focused on stimulating the energy sector which we expect will continue to provide additional growth opportunities for Trinity."