Touchstone Exploration Inc., Calgary, signed an onshore exploration and production license with Trinidad and Tobago’s Ministry of Energy and Energy Affairs.
The license, which is on Ortoire block, lies east of Fyzabad in southern Trinidad and covers 44,731 gross acres.
The license includes a 6-year minimum work program with technical reviews, 85 km of 2D seismic, and four wells. Capital requirements are estimated at $11 million.
With a commercial discovery, the license can be extended 25 years.
Touchstone is operator and holds 80%. Petroleum Co. of Trinidad & Tobago holds the remaining 20% and will be carried for the minimum work obligations.
James Shipka, Touchstone’s chief o
erating officr, said prospects are at depths shallower than 6,000 ft, “which is consistent with our current drilling programs.