Touchstone Exploration Inc., Calgary, through its Trinidadian subsidiary Primera Oil and Gas Ltd. (POGL), has entered into exploration and production licenses for Cipero and Charuma blocks as part of the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round.
POGL has an 80% operating working interest under each license, with the National Gas Company of Trinidad and Tobago (NGC) holding the remaining 20%.
Similar to the operator’s Ortoire license, the Cipero and Charuma licenses are for an initial 6-year term with a potential extension of an additional 19 years for areas that have a Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI) approved commercial discovery.
Touchstone Exploration made light oil discoveries in Ortoire block in 2021 and drilled additional wells into Ortoire and CO-1 blocks earlier this year with plans to test wells in Cascadura field later in 2024 (OGJ Online, Dec. 7, 2021; Apr. 10, 2024).
For the 29,924-acre (gross) Cipero block, the company is expected to conduct five geological studies and reprocess 426 km of 2D seismic data. The work scope includes drilling four exploration wells. Total cost over the 6-year initial license term is $2.2 million.
For the 72,784-acre (gross) Charuma block, the company is expected to conduct five geological studies and reprocess 784 km of 2D seismic data and 61 sq km of 3D seismic. The work scope includes drilling one exploration well. Total cost over the 6-year initial license term is $4.7 million.
POGL is responsible for 100% of the exploration minimum work commitments and financial obligations over the initial 6-year exploration term.