From the Parex UpdateSeems they're having some trouble with the Firecrown well. Maybe the reason PTT share price is hurting. Hopefully resolved soon and we'll see some firecrown test rates.
Parex Update
Trinidad Exploration Update
We had previously reported on June 14, 2010 that the Firecrown-1 well, located on the onshore Moruga Block reached a total measured depth of 8,701 feet and penetrated both the primary and secondary objectives in the Herrera Formation. The well was cased to a depth of 8,400 feet to evaluate the potential of these prospective zones. A drilling rig re-entered the well in order to drill to the required contract earning depth of 10,500 feet. The well was drilled to depth of 10,330 feet prior to the drilling rig encountering mechanical problems. The Company is now awaiting written communication of the earning status from the Ministry. Accordingly, and subject to written confirmation from the Ministry that Parex and its partners have fulfilled the earning commitments for the Moruga Block, completion and testing operations on Firecrown-1 are expected to commence in May 2011. Also in the second quarter of 2011 Parex expects to spud the first of two exploration wells on the Central Range Shallow block.0