Touchstone Exploration Inc., a company based in Calgary, has expanded its operations in Trinidad and Tobago through its subsidiary Primera Oil and Gas Ltd. (POGL). The company has secured exploration and production licences for the Cipero and Charuma blocks, awarded during the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. Under these licences, POGL holds an 80% operating working interest, with the remaining 20% held by the National Gas Company of Trinidad and Tobago (NGC).
The terms for the Cipero and Charuma licences are similar to those of Touchstone’s existing Ortoire licence, beginning with an initial six-year term. There is a possibility of extending this period by an additional 19 years if the areas yield a commercial discovery approved by the Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI).
Touchstone Exploration has a history of success in Trinidad and Tobago, having made light oil discoveries in the Ortoire block in 2021. The company has also drilled additional wells in the Ortoire and CO-1 blocks earlier this year and plans to test wells in the Cascadura field later in 2024.
For the Cipero block, which spans 29,924 acres (gross), the company will undertake five geological studies and reprocess 426 km of 2D seismic data. The exploration plan includes drilling four wells, with a total projected cost of $2.2 million over the initial six-year licence term.
In the larger Charuma block, covering 72,784 acres (gross), Touchstone will conduct five geological studies, reprocess 784 km of 2D seismic data, and 61 sq km of 3D seismic data. The company will drill one exploration well at an estimated total cost of $4.7 million over the six-year term.
POGL is committed to fulfilling 100% of the exploration minimum work commitments and financial obligations during the initial six-year exploration period.
This expansion reflects Touchstone Exploration’s continued investment and commitment to oil and gas exploration in Trinidad and Tobago, promising further development and potential discoveries in the region.
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.
