Touchstone Exploration Inc., Calgary, has been granted a 5-year extension of the exploration and production license for the Ortoire block by the Government of Trinidad and Tobago.
Touchstone is operator of the license with 80% working interest. Heritage Petroleum Co. Ltd. holds the remaining 20%.
As part of the extension, Touchstone is required to drill three exploration wells to minimum depths of 6,000 true vertical ft prior to July 31, 2026, the end of the amended license term.
The three exploration wells are in addition to the five previous wells drilled to date on the property. Touchstone will be responsible for 100% of the drilling, completion, and testing costs for the three additional exploration wells.
Each interest holder remains responsible for its working interest costs associated with the development of commercial fields, including expenditures relating to facilities construction and development well drilling.
The amended agreement must now be approved by the Office of the Attorney General and Ministry of Legal Affairs.
The Ortoire license extension allows Touchstone to design and implement an expanded exploration program to fully evaluate the company’s internally identified prospects on the acreage, said Paul Baay, president and chief executive officer.
“The extension also allows us the ability to have a multi-faceted future drilling program, including development drilling at Cascadura, Royston, and Coho as well as further exploration prospects on the license,” he continued.