In a significant development, Touchstone Exploration, a leading energy company, emerged victorious in the highly competitive bid round for the coveted Cipero onshore block in Trinidad and Tobago. The company’s wholly-owned subsidiary, Primera Oil and Gas Limited (Primera), was awarded the exploration license for the Cipero block, paving the way for a substantial expansion of Touchstone’s operations in the region.
The TT government, authorising the Ministry of Energy and Energy Industries (MEEI), will now initiate discussions with Primera to finalise the grant of an Exploration and Production (Public Petroleum Rights) License for the Cipero block. This move signifies the government’s confidence in Touchstone’s expertise and commitment to responsible energy exploration.
Touchstone Exploration in deal for exchange of onshore assets in T&T | OilNOW
The Cipero block, spanning an impressive 29,924 gross acres, holds strategic significance for Touchstone Exploration due to its proximity to Rio Claro and the company’s Ortoire block. Touchstone has devised a comprehensive plan for the initial six-year exploration period of the license, which includes completing various geological studies, reprocessing existing 2D seismic data, and drilling a total of four exploration wells on the block.
Furthermore, the development comes with an added boost as Heritage Petroleum Company Limited is expected to hold a 20 working interest in the Cipero block. This collaboration ensures that all exploration work commitments during the six-year exploration term will be carried out effectively.
Touchstone Exploration’s Q1 2023 production more than doubles from last year | OilNOW
Commenting on this momentous achievement, Paul Baay, President and Chief Executive Officer of Touchstone Exploration, expressed his enthusiasm for future prospects. He stated, “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.”
Baay emphasized that along with the execution of the license, Touchstone is committed to conducting thorough geological studies, reprocessing existing 2D seismic data, and obtaining the necessary regulatory permits before commencing drilling operations. The entire process is estimated to take a minimum of three years.
Touchstone Exploration eagerly looks forward to commencing work on the Cipero block and will provide regular updates and further details once the license has been executed. The company’s success in securing the exploration license for the Cipero block reaffirms its dedication to sustainable energy practices and its growing presence in the Trinidad and Tobago energy sector.
