Leni Gas & Oil Plc has signed a binding heads of agreement (HOA) to acquire a 100% interest in the producing Trinity-Inniss Field in southeastern Trinidad located near the company’s existing Goudron Field operations. Leni plans to acquire 100% of Fram Exploration (Trinidad) Ltd., the company holding the incremental production service contract for the Trinity-Inniss Field owned by Petroleum Co. of Trinidad and Tobago Ltd.

The HOA is subject to a number of material conditions including the negotiation in good faith of a definitive agreement and legal, financial, taxation, stakeholders consent and commercial due diligence on Fram and its business, assets and liabilities.

The field covers an area of 810 acres and lies about 20 km (12 miles) west of the Goudron Field. Existing production averages between 140 bbl/d and 150 bbl/d of oil from about 25 active wells. Production is derived from the Herrera Sandstone at depths between 457 m and 1,524 m (1,500 ft and 5,000 ft).