13th Jun 2023 10:05
Trinity Exploration & Production PLC - Trinidad & Tobago-focused exploration and production company - Is awarded the Buenos Ayres oil block in the 2022 onshore & nearshore competitive bid round by the Trinidad & Tobago ministry of energy & energy industries. Ministry has invited Trinity to commence discussions for the grant of an exploration and production (public petroleum rights) licence. Trinity expects to be the block's operator with an 85% interest. State-owned oil company Heritage Petroleum Company Ltd will have a 15% working interest which Trinity will carry during the exploration phase. Block covers approximately 41 kilometres squared and is immediately west of Trinity's existing producing Palo Seco blocks WD-5/6, WD-2 and PS-4. It contains multiple stacked target reservoirs of the Lower Forest, Upper Cruse and Lower Cruse which are the most productive reservoirs in Trinidad's southern basin with over 250.0 million barrels of oil produced to date. Work programme comprises four exploration wells and technical studies over the six-year initial licence period.
Current stock price: 83.00 pence, up 3.8% on Tuesday morning
12-month change: down 35%
By Emma Curzon, Alliance News reporter
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