(Alliance News) - Trinity Exploration & Production PLC on Friday signed an exploration and production licence with Trinidad and Tobago's Ministry of Energy and Energy Industries.
The San Fernando, Trinidad-based exploration and production company said the agreement relates to the Buenos Ayres block, with an effective start date on July 1.
Covering an approximate 41 kilometre square area, the block sits within the southern basin of Trinidad.
The site is yet to be drilled, however ongoing seismic evaluation suggests there is potential for hydrocarbon trapping.
Trinity possesses an 85% operated working interest in the licence, working alongside state-owned oil company Heritage Petroleum Co Ltd which owns the remaining 15% interest.
In preparation for the upcoming work programme, the company has initiated a subsurface evaluation to further understand the prospectivity and is progressing the Certificate of Environmental Clearance and an environmental impact assessment.
Once optimal drilling locations have been identified, the company will begin exploration drilling.
The exploration work programme consists of four exploration wells supported by geological and geophysical studies over the six-year initial licence period.
Trinity shares closed up 0.8% to 42.83 pence in London on Friday.
By Elijah Dale, Alliance News reporter
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