Rex International’s 64.17%-owned subsidiary Caribbean Rex has spudded the first onshore well in Cory Moruga concession in Trinidad & Tobago.
The spud marks the Caribbean Rex’s first of five-well onshore drilling program, which is planned in 2014 in its South Erin and Cory Moruga concessions.
The first well’s target drilling depth is 6,700ft while drilling and completion work for each well would take between 25 and 50 days based on the well depth and geology.
The company used Rex Virtual Drilling (RVD) analysis made on 3D seismic data of the concessions for selecting the five wells, in tandem with conventional geological interpretation of seismic and well data for purposes of quality control and reality check.
Upon completion of the drilling operation and subject to successful commerciality testing and government approvals, the wells would be put on production about one to two months.
At the end of 2014, Caribbean Rex’s wells production in Trinidad is expected to be over 500 barrels of oil per day (bopd).