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REX INTERNATIONAL announced that it had struck oil in the South Erin Block in Trinidad & Tobago, a twin-island country off the northern edge of South America. |
Mr Kristofer Skantze, Chief Operating Officer of Rex International Holding, said, “We are pleased with our strike rate of 67 per cent (two out of three wells drilled) achieved with the assistance of Rex Virtual Drilling. 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 US$1 million per well, which was about 40 per cent 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.” 
Mans Lidgren, CEO of Rex International. NextInsight file photo.Mr Måns Lidgren, Chief Executive Officer of Rex International Holding, said, “Rex Virtual Drilling (“RVD”) has been incorporated with conventional geological and geophysical studies in our work process to identify the locations of wells to drill.
"The drilling campaign in Trinidad holds important lessons for the refinement of RVD, especially for enhancing the technology’s use on onshore seismic data.
"The Rex Technology Management team will continue to work closely with the geological team to further improve the de-risking of the asset.”
Meanwhile, Rex has subscribed for NOK 13.7 million (approximately US$1.8 million) of Fram Exploration ASA’s (“FRAM”) latest fund-raising round of NOK 28.6 million (approximately US$3.7 million) that closed on 19 January 2015.
Rex International Holding’s stake in FRAM will increase to an estimated 30.29 per cent from 22.29 per cent.
Rex said it had subscribed to more than its proportionate share in the fund-raising round as it was motivated by the potential value of two newly identified play types in Whitewater, Colorado and by the associated potential value of oil-in-the-ground in FRAM’s two US onshore concessions.
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