Drilled as part of a three-well drilling program that Caribbean Rex started in the South Erin license in May 2014, the wells have encountered oil-bearing sands, two of which are deemed to be commercial with substantial net pay sands.
Caribbean Rex plans to begin production from the wells upon securing approvals and completion of testing.
Rex International Holding chief operating officer Kristofer Skantze said, "The information that we have gathered from the wells will be used to further deepen our understanding of the sand trends in the Cruse and Lower Forest reservoirs within the concession.
"We were able to get drilling costing down to below $1 million per well, which was about 40 percent below budgeted costing, as a result of our cost management measures and taking advantage of the lower cost of oil drilling services over the past months, arising from the global fall in oil prices."
Caribbean Rex owns the South Erin Block and a 20% farm-in interest in Cory Moruga block, a concession in Trinidad & Tobago, which comprises two wells.
Rex International CEO Mans Lidgren said: "Rex Virtual Drilling (RVD) has been incorporated together with conventional geological and geophysical studies in our work process to identify the locations of wells to drill."
