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(Sharecast News) - Trinidad and Tobago-focussed Trinity Exploration & Production announced on Monday that it has successfully obtained the terms of reference for a proposed environmental impact assessment (EIA) for the Buenos Ayres block, located onshore Trinidad.
The AIM-traded firm said the terms were granted by the Environmental Management Authority of Trinidad and Tobago.
It said the move was part of the requirements for receiving a Certificate of Environmental Clearance (CEC), which was mandatory for any drilling activities to commence on the land block.
Trinity Exploration was awarded the Buenos Ayres block as part of the 2022 Onshore and Nearshore Competitive Bid Round, which it announced on 13 June.
With the terms of reference now in place, the company had fulfilled an essential criterion that advanced it toward the active phase of exploration.
The EIA was said to be crucial for obtaining a CEC, which is a non-negotiable requirement for any drilling to take place on the Buenos Ayres block.
Trinity's application for the CEC specified plans for 10 surface drilling locations within the land block.
The planned drilling sites would be subjected to an exhaustive environmental review to assess the impact on local ecosystems, as mandated by the EIA.
In an effort to expedite the project, Trinity said it had fast-tracked the acquisition of the terms of reference prior to formally receiving the licence for the Buenos Ayres block.
The proactive step would allow the company to collect essential environmental data during the current wet season, rather than waiting until next year.
Trinity said the data collection from both wet and dry seasons was indispensable for a comprehensive EIA report.
Trinity's timely acquisition of the terms increased the likelihood of drilling activities commencing in the second half of 2024, pending all required approvals.
"Buenos Ayres is a cornerstone of our revitalised onshore strategy focused on our broader Palo Seco operating interests," said chief executive officer Jeremy Bridglalsingh.
"Our confidence in the Palo Seco play has increased with our progress on Jacobin thus far."
Bridglalsingh noted that in June, the firm referenced its intention to rapidly exploit its competitive edge onshore Trinidad.
"Starting the acquisition of the Buenos Ayres EIA ahead of the formal award of the licence is evidence of Trinity's commitment to progress this strategic option with pace."
At 0945 BST, shares in Trinity Exploration & Production were down 2.92% at 83p.
Reporting by Josh White for Sharecast.com.
