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The Galeota Block is situated within the established oil play of the Columbus Basin in shallow waters off the south-east coast of Trinidad. Trinidad has a long history of oil production and more recently has established itself as a significant exporter of natural gas from its offshore fields. In April 2009, Bayfield Galeota and Petrotrin were awarded an Exploration and Production Licence over the Galeota Block by the Trinidad Ministry. The Galeota Licence is for an initial term of six years extendable to 25 years from 1 April 2009, if Bayfield Galeota declares a commercial discovery of petroleum.

The Galeota Licence covers 122 km 2 in the shallow waters of the prolific hydrocarbon-rich Columbus Basin off the south-east coast of Trinidad. The Galeota Block contains the Trintes Field, which was discovered in 1963 and commenced production in 1972. In addition, there are five other discoveries, referred to as East Galeota, which were drilled between 1964 and 1985 but were not developed because they were considered to be non-commercial at that time.

The Group's evaluation of the East Galeota discoveries, based on the well data, the interpretation of the reprocessed 3D seismic data and the acquisition of further 3D seismic data in 2010, demonstrates significant upside potential.

 

During 2010, Bayfield Galeota completed a 240 km2 3D seismic survey and acquired 200 km of 2D seismic data. The new seismic data is being used to refine the structural interpretation and define new well locations. Exploration and appraisal drilling is planned to start early in 2012.

The Trintes Field had produced approximately 26.41 MMBbl of oil by the end of 2010 and average gross production in 2010 was 921 bopd. The Group has increased average daily gross production from the Trintes Field from 837 bopd in May 2009 (being the month the Group commenced production) to 1,265 bopd in April 2011. The Directors expect to achieve average gross production from the Trintes Field of approximately 2,500 bopd in 2011 and forecast that this will peak at 8,000 bopd in 2013.