LGO has signed a binding Sale and Purchase Agreement (SPA) to acquire 100% of the issued shares of Tabaquite Exploration & Production Company Limited (TEPCL) from Trinity Exploration & Production plc (Trinity). TEPCL is shortly expected to receive a licence to the Tabaquite Block, the most northerly onshore producing block, which contains a number of existing known producing oil and gas fields which LGO plans to reactivate and expand through new drilling.
• The Tabaquite Block (Block) covers 7,502 acres and contains four known oil and gas fields (Piparo Field, Old Field, New Field and Gas Field).
• The Block is located 27 kilometres from the Pointe-a-Pierre refinery and is only 20 kilometres from the main highway between Port of Spain and San Fernando.
• The known fields have had approximately 300 original wells drilled.
• Existing production has averaged approximately 25 barrels of oil per day (bopd) year to date from a small number of active wells.
• Production is largely derived from the Nariva Formation Sandstone at depths between 1,000 and 2,500 feet.
• There is an existing Certificate of Environmental Compliance (CEC) granted in 2007 for the drilling of 3 exploration wells and 17 infill or replacement wells.