Canadian independent Touchstone Exploration has secured an exploration and production licence through its Trinidadian subsidiary Primera Oil and Gas Limited (POGL) for the Rio Claro block in Trinidad, Touchstone announced on Tuesday.
POGL holds an 80% interest in the block, with the National Gas Company of Trinidad and Tobago holding the remaining 20%. Similar to Touchstone’s Charuma, Cipero and Ortoire licences, Rio Claro has a six-year exploration term with the possibility of a 19-year extension for areas where commercial discoveries are approved by Trinidad and Tobago’s Ministry of Energy and Energy Industries.
Rio Claro is an onshore block neighbouring the Cascadura gas development in the Ortoire block, also operated by POGL and projected to yield significant gas production. It provides valuable expansion acreage for Touchstone as it opens exploration opportunities in the Herrera Formation fairway and portions of the company’s Cascadura discovery, both of which extend into Rio Claro.
“The Rio Claro licence aligns with the commencement of production from the Cascadura C well pad. As any potential natural gas discoveries on this block can seamlessly integrate into our newly commissioned gathering system at the Cascadura C location, situated near the western boundary of the Rio Claro acreage,” said Paul Baay, president and CEO of Touchstone.