Project Profile
Value: Undisclosed
Location: South Central Trinidad
Area: 3,012 hectares
The Cory Moruga Block is located onshore in the south central area of Trinidad and is approximately 3,012 hectares in size. PERL has a 16.2% working interest in the block, Primera Oil and Gas Limited (POGL) a 33.8% working interest and Parex (Operator), 50%. Territorial Services Limited owns 100% of POGL and also has an approximate 42.8% shareholding in PERL
Significant progress has been made in evaluating the Moruga Block in South Central Trinidad. The parties have completed the interpretation of the required 85 square km of full-fold 3-D seismic over the block and several prospects have been mapped. The initial exploration location is an oil-prone exploration target called Green Hermit and is a multi-zone stratigraphic/structural trap of Herrera age sandstones adjacent to the Rock Dome high. The Moruga Block lies adjacent to, and on trend with a significant gas and condensate discovery in the Herrera Formation made by Aventura Energy in the Central Block in 2000. This discovery tested five separate intervals with a combined daily rate in excess of 60 million cubic feet of gas and approximately 2,000 barrels of condensate.
The Ministry of Energy and Energy Industries of the Republic of Trinidad has granted an extension for the spudding of the first well on the Moruga Block to February 28, 2010 and the parties are moving towards drilling the Green Hermit location during this timeframe. To date, the Certificate of Environmental Clearance has been obtained for the Block and the surface location of the first well, Green Hermit - 1, has been surveyed.
Operators:
Petro Andina Resources Inc (Pluspetrol): Operator with 50% interest
Primera Energy Resources Ltd: 16.2% interest
Primera Oil and Gas Limited: 33.8% interest