Leni Gas & Oil (LGO) has signed a binding heads of agreement (HOA) to acquire a 100% interest of the producing Trinity-Inniss Field in south-eastern Trinidad.
LGO intends to acquire Fram Exploration (Trinidad), the company holding the incremental production service contract (IPSC) for the Petroleum Company of Trinidad and Tobago owned Trinity-Inniss field, which covers an area of 810 acres.
Located 20km west of LGO’s Goudron field, the Trinity-Inniss field houses operational sales tanks and export facilities. The field currently produces between 140 and 150 barrels of oil per day (bopd) from around 25 active wells.
LGO said that it has identified around 20 well reactivation targets at Trinity-Inniss and there is already certification for 12 new wells to be drilled as well as 50 sidetracks and/or replacement wells.
The stock tank oil originally in place at the new field has been estimated at 68 million barrels with a possible upside of around 200 million barrels.
LGO chief executive Neil Ritson said that the transaction will add around 150 bopd to LGO Trinidad’s current production.
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By GlobalData"Although our current focus is the drilling of new well developments at Goudron, we would be able to quickly transfer Goudron’s work-over expertise and some of the work-over equipment to Trinity-Inniss to significantly increase the field’s oil production from 150 bopd," he said.
The Trinity and Inniss fields were originally discovered in 1956, and Texaco developed them from 1958 by drilling 134 wells targeting the Herrera Sandstones.
