Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has today signed an Exploration and Production Licence with the Government of Trinidad and Tobago's Ministry of Energy and Energy Industries ("MEEI") for the Buenos Ayres block, with an effective date of 1st July 2024. This comes after the Company was advised in June 2023 by the MEEI that it had been successful in its application for the Buenos Ayres block (as mentioned in the Company's recently published Scheme Document) and follows the conclusion of a successful negotiation of final terms and conditions.
Trinity has an 85% operated working interest in the Buenos Ayres licence, working together with state-owned oil company Heritage Petroleum Company Limited which holds the remaining 15% working interest. In preparation for the work programme, Trinity has already commenced subsurface evaluation to further understand the prospectivity and is well underway with the Certificate of Environmental Clearance ("CEC") and Environmental Impact assessment ("EIA") process to facilitate exploration drilling once optimal drilling locations are identified. The exploration work programme consists of four exploration wells supported by geological and geophysical studies over the six-year initial licence period.
The block covers an area of approximately 41km2 and sits within the prolific southern basin of Trinidad. It is located immediately to the west of Trinity's producing Palo Seco Blocks WD-5/6, WD-2 and PS-4 which produce from the Forest and Cruse reservoirs, the most productive in the Basin. While the Buenos Ayres Block is undrilled, ongoing seismic evaluation suggests that there is potential for similar hydrocarbon trapping mechanisms at Forest and Cruse levels, to those seen in the adjacent Palo Seco fields. The modern data acquired in the recently drilled Jacobin well along with reprocessing of the 3D seismic will greatly improve the Company's understanding of the geologic models for Buenos Ayres and assist in derisking exploration prospects.
The proximity of the Trinity's Palo Seco operations is also expected to create opportunities for operational efficiencies both in the exploration and development/production phases in the event of exploration success.