British company Bayfield Energy Holdings plc, an independent energy exploration and production group, has struck oil and gas in Trinidad and Tobago.
The company announces that its first exploration well in the Galeota Licence, EG8 offshore Trinidad and Tobago has found oil and gas deposits having reached a total depth of 8,133 feet.
Bayfield said in a statement Tuesday that the well encountered ten hydrocarbon-bearing sandstone reservoir zones between 1,364 feet and 6,000 feet below sea level.
It said data confirmed light oil and good quality reservoir with production potential of over 1,000 barrels of oil per day. Samples of gas and gas condensate were also collected in other reservoirs.
Bayfield is the operator of the Galeota Licence area holding a 65 per cent interest, with Petrotrin holding the remaining 35 per cent.
Hywel John, chief executive of Bayfield Energy, said: "The results from EG8 add to our confidence in the prospectivity of the Galeota licence and we will continue to focus on the potential for accelerated development and commercialisation of hydrocarbons in the East Galeota area."
The Ministry of Energy yesterday congratulated Bayfield Energy and said as an oil and gas driven economy, the country remained prospective in its outlook.