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Trinity Exploration renews onshore licences arrangements for 10 yeras
StockMarketWire.com
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Oil company Trinity Exploration & Production said its onshore lease operational agreements in Trinidad and Tobago had been renewed for a decade.
The 10-year renewable period was effective as of 1 January 2021 and encompassed its WD-2, WD-5/6, WD-13 and WD-14 blocks.
The agreements were originally set to expire on 31 December 2020 and were previously extended to 31 May 2021.
Work obligations had been set for each of the agreements, including a minimum of 15 new infill wells and 30 heavy workovers to be completed over the licence period.
Trinity said it was highly confident of exceeding those obligations.
Overriding royalty rates, it added, havd been favourably adjusted on a block-by-block basis to incentivise higher activity levels and maximise economic recoveries.
Story provided by StockMarketWire.com
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