Touchstone Exploration, through its subsidiary POGL, has executed an exploration and production licence for the Rio Claro block in Trinidad and Tobago.
The agreement was formalised with the Government of Trinidad and Tobago, the Ministry of Energy and Energy Industries (MEEI), and a subsidiary of the National Gas Company (NGC).
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POGL owns an 80% operating working interest in the Rio Claro Licence under the agreement, with NGC retaining the remaining 20%.
The Rio Claro Licence has an initial six-year exploration term, which may be extended for an additional 19 years for areas where commercial discoveries are approved by the MEEI.
Strategically positioned next to Touchstone’s Ortoire block, the Rio Claro block is a critical extension of the company’s exploration and development within the Herrera Formation fairway.
The block encompasses the Balata East field, which was recently acquired by Touchstone. It is considered highly prospective based on proprietary seismic data, which indicates several promising Herrera Formation anomalies extending from the Ortoire block into the Rio Claro block.
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By GlobalDataThe Cascadura-3ST1 discovery, located within the Ortoire block, is believed to extend into Rio Claro, offering potential for further resource development.
Additionally, seismic interpretation has revealed that the Royston anomaly in the Herrera Formation and the Kraken anomaly in the Cretaceous Formation also extend into the Rio Claro Licence’s acreage.
With existing sales infrastructure at Ortoire and Balata East, any future discoveries within the Rio Claro block could be quickly brought into production.
In January 2023, POGL entered an asset exchange agreement with a Trinidadian entity, which involved the exchange of certain onshore assets in Trinidad.
This exchange was amended in October 2023 due to regulatory delays. The first part of the exchange was completed on 1 June 2024, involving POGL’s San Francique field for the Balata East block.
The successful negotiation of the Rio Claro Licence with the MEEI concludes the transaction, and Touchstone will not pursue the second asset exchange that lapsed on 31 August 2024.
