Primera Oil and Gas Ltd, a subsidiary of Touchstone Exploration, has announced its success in the onshore and nearshore bid rounds opened in June last year.
In a media release on Touchstone's website the company said it was notified on Monday that it had been awarded the Cipero onshore block in south central Trinidad. Its bid on the Charuma block - a 72,784 gross acre block in central Trinidad - did not meet the technical requirements for granting a licence, but the government authorised the Energy Ministry to improve the minimum work programme for the possible grant of an exploration and production licence.
The Cipero block has a gross acreage of 29,924 and is considered a strategic area for the company, given its proximity to the Rio Claro and Ortoire block. Herrera and Cretaceous prospects - rocks and shale which serve as underground oil reservoirs and source rocks - were identified in the Cipero block. Primera Oil said Heritage Petroleum is expected to have a 20 per cent working interest in the block, with all work and exploration commitments to be carried out during the six-year exploration term of the awarded licence.
The company is expected to do geological studies, reprocess existing 2D seismic data and apply for regulatory permits before drilling. This is expected to take about three years, the release 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,' said Paul Baay, CEO of Touchstone. 'We are excited to formally commence working on the block and will provide further updates and details when the licence has been executed."
The onshore and nearshore bid rounds were opened on July 8 2022, offering eight different blocks. It remained open for six months, until January 2023, when the bids were evaluated by a committee. That process took about three months.
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