Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF)'s Trinidadian subsidiary Primera Oil and Gas has entered into exploration and production licences for the Cipero and Charuma blocks under the Trinidad and Tobago 2022 Onshore and Nearshore competitive bid rounds.
The licences were fully executed by representatives from POGL, the Government of Trinidad and Tobago, the Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI), and a subsidiary of the National Gas Company of Trinidad and Tobago.
POGL has an 80% operating working interest under each licence, with NGC holding the remaining 20% working interest.
The licences initially have a six-year term and may be extended by an additional 19 years for areas where a MEEI-approved commercial discovery is made.
Primera Oil must drill four exploration wells at Cipero with a financial commitment of US$2.2 million and one well at Charuma with a US$4.8 million commitment.