Maxim Resources has been notified by the project operator, Jasmin Oil and Gas Ltd., of the test results from the IER-98 well in the South Erin Field onshore in Trinidad. The well was successfully drilled to a depth of 6,000 feet. Three oil bearing sand pay zones have been encountered.
The flow rates are as follows:
Zone 1 The Lower Forest A Sand
At 3100 ft - 80 ft of net pay 12/64 choke - 620 PSI (Flowing Tubing Head Pressure - FTHP) - 320 BOPD
Zone 2 The Lower Forest B Sand
At 3200 ft - 100 ft of net pay 12/64 choke - 500 PSI (FTHP) - 282 BOPD
Zone 3 The Middle Cruse Sand
At 5000 ft - 30 ft of net pay 1/4 choke - 420 PSI (FTHP) - 120 BOPD
Total Flow Rate 722 BOPD
The well is expected to be put in production in the near future.
Maxim will earn a 69% interest before payout and a 41% interest after payout in the project.
Ten development-drilling locations have been identified as well as several exploratory targets that will test new structures.