Caribbean-focused explorer Trinity has increased its working interest in the Galeota licence at the Trintes field offshore Trinidad and Tobago.
The firm confirmed its joint venture partner Petrotrin has converted its 35% interest in the field to an over-riding royalty, increasing Trinity’s working interest to 100%.
The news comes as Trinity confirmed its upgrades to Rig 2 have been completed.
The company said the start-up of infill drilling operations had been delayed due to severe offshore weather conditions, but the B9 well was due to be spudded soon. Drilling of the well is expected to take around 40-45 days to complete.
Trinity also confirmed today that it has signed a new crude oil sales agreement with Petrotrin for the sale of its share of production from the field.
The two-year agreement, with a further option for renewal, is effective from 1 August 2013.
“These new arrangements increase Trinity’s financial and operating flexibility thus enabling further investment in this block to grow reserves and production for our shareholders,” said Trinity chief executive Monty Pemberton.
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