Vintage Petroleum Provides Update on Trinidad Operations
Current plans are to pursue a gas connection that would allow a multi- month production test and sale of hydrocarbons to confirm that sufficient reserves exist for future development. Work is also ongoing to assess the potential market options for reserves, as further development opportunities are dependent upon obtaining access to a long-term gas market.
"The high flow rate potential of the discovery well has encouraged us to develop an accelerated plan for an extended test-to-sales, which is anticipated to begin during the fourth quarter. While this multi-month test is underway, we will work closely with our partner, Petroleum Company of Trinidad and Tobago Limited (Petrotrin), the state oil company of Trinidad, to identify favorable long-term market options that will allow further development of the project if warranted," said S. Craig George, CEO.
Currently, the completion rig is being mobilized from the Carapal Ridge well to the second exploration well, Corosan #1, in order to initiate completion and testing operations. Vintage is the operator of the onshore Central Block with a 65 percent working interest. Petrotrin owns the remaining 35 percent working interest. Vintage has initiated requests with Petrotrin and the government to obtain their consents to assign 38.5 percent of Vintage's working interest to Aventura Energy (Trinidad) Limited.
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