StockMarketWire.com - Oil company Trinity Exploration & Production said authorities had issued a new production and exploration licence for the Galeta block on the east cost of Trinidad.

Trinity also had agreed new and improved commercial terms with its partner on the block, Heritage Petroleum.

The new 25 year licence commenced 14 July and covered an area of 19,280 acres with significantly reduced minimum work obligations and performance guarantees.

Heritage's 35% working interest across the Galeota licence had been converted to an overriding royalty. Story provided by StockMarketWire.com