Touchstone Exploration, through its subsidiary POGL, has secured an exploration and production licence for the Rio Claro block in Trinidad and Tobago. This agreement was finalised in collaboration with the Government of Trinidad and Tobago, the Ministry of Energy and Energy Industries (MEEI), and a subsidiary of the National Gas Company (NGC). POGL holds an 80% working interest in the Rio Claro Licence, with the remaining 20% retained by NGC.
The licence includes an initial six-year exploration period, extendable for an additional 19 years for areas where commercial discoveries are approved by the MEEI. Strategically located adjacent to Touchstone’s Ortoire block, Rio Claro enhances the company’s development efforts within the Herrera Formation fairway. This block also includes the recently acquired Balata East field, which is considered a promising area due to seismic data showing significant Herrera Formation anomalies extending into Rio Claro. Notably, the Cascadura-3ST1 discovery in the Ortoire block is believed to stretch into Rio Claro, providing further resource development opportunities.
Seismic interpretation has also identified other notable features within the Rio Claro Licence, including the Royston anomaly in the Herrera Formation and the Kraken anomaly in the Cretaceous Formation. These findings underline the block’s potential for valuable discoveries. With existing sales infrastructure in place at Ortoire and Balata East, any future developments in Rio Claro can be efficiently integrated into production.
Earlier in 2023, POGL entered into an asset exchange agreement involving certain onshore assets in Trinidad. While delays in regulatory approvals required amendments to this agreement, the first phase was successfully completed in June 2024. This involved the exchange of POGL’s San Francique field for the Balata East block. With the finalisation of the Rio Claro Licence, the second part of the asset exchange has been discontinued, as it lapsed in August 2024.
This agreement reflects Touchstone Exploration’s strategic growth in Trinidad and Tobago, underscoring its commitment to unlocking significant energy resources while leveraging existing infrastructure for efficient development.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
