Touchstone Exploration has acquired an operating interest in Trinidad and Tobago’s Central block, the Canadian E&P player said on Friday.
The company entered into an agreement with BG Overseas Holdings to acquire all the share capital of Shell Trinidad Central Block, operator of the block for a USD 23 million consideration in cash prior to closing adjustments.
Shell Trinidad Central Block holds a 65% operating working interest in the Central block’s E&P licence, while Heritage Petroleum Company holds 35%.
Current gross production from the block is around 18 mcf per day of natural gas and 200 boepd of NGLs, totalling approximately 3,200 boepd.
The deal remains subject to approvals, including from the country’s Ministry of Energy and Energy Industries.
Read our latest interview with Touchstone Exploration here.
Last month, Touchstone secured an exploration and production licence through its Trinidadian subsidiary Primera Oil and Gas for the Rio Claro block in Trinidad.
Earlier this year, the Trinidad-focused company also made headlines for its acquisition of the Rio Claro block in Trinidad.
Source: theenergyyear.com