Maxim to Particpate in South Erin Block in Trinidad
Maxim Resources has entered into an agreement with New Scotland Oil & Gas Inc. of Bridgewater, Nova Scotia, an arm's-length private oil and gas company, to acquire a 69% working interest in the South Erin Block. In exchange for the working interest in the Block, Maxim has agreed to pay NSOG the sum of CDN $450,000. Maxim will earn a 69% interest before payout of CDN $450,000 and a 41% interest after payout.
The Block is comprised of about 1,350 acres and lies in the south western portion of Trinidad about 40 miles southwest of Port of Spain and about 18 miles southwest of San Fernando. The Block is located in the productive Southern Basin of Trinidad, which forms part of the prolific Eastern Venezuelan Basin.
The F.25 CH-7 Well on the Middle Cruse Prospect will be drilled by the Operator, Jasmin Oil and Gas Limited, to a depth of 6,000'. It is expected that drilling of this well commence before the end of May 2006 with completion within 3 weeks of spudding at a cost of approximately $650,000 CDN.
- Maxim to Purchase Private Trinidad Producer's Shares (Jun 09)
- Maxim Receives Approval On 47 Well Drill Program in Trinidad (Mar 07)
- Gas Pay Found at High Island Prospect (Aug 21)