Primera Energy Resources Ltd V.PTT

Snowcap test permits - December test...

[CalifDreaming]

Parex released Q3 and
"Trinidad Exploration Update
Duringthe third quarter the Snowcap-1 well on the Moruga Block (Parex 50percent working interest) was drilled to a total measured depth of 8,600feet. The well is targeting oil and penetrated both of its objectivesin the Herrera and Eocene formations, and was cased for testing.
Testingof both the 2010 exploration wells drilled on the Moruga Block had beendelayed pending the receipt of the regulatory approvals. Environmentapproval for the multi-zone testing program for Snowcap-1 was receivedon November 11, 2010 and Parex expects to commence testing the well inearly December, 2010. The Firecrown-1 well is not expected to be testeduntil 2011."

[CalifDreaming]

Could be a very interesting Xmas and New Year for PTT shareholders...

[DocPat]

Now THAT'S what I'm talkin' about!! :) .. With only one month left in 2010 there is just not enough time to test both wells in 2010 .. Parex is a professional group and they're not going to let those testing rigs get to far without testing the Firecrown-1 well as well .. This could get really exciting 1st quarter 2011 .. What's the potential?? Any estimates .. at that depth

[CalifDreaming]

Hold your britches partner.  I've heard 500-2000 boed per well is expected range if successful.  PXT would be lucky to see $1 absent some really phenomenal results.  

[DocPat]

You must think the Parex guys are a bunch of Local Yocals .. No way they farmin on PTT Public and PTT Private for the potential of roughly half of a 500 bbl/d well .. These wells cost $8 million each to drill .. and very expensive to complete too, which they would not have done unless they liked both wells .. a lot. :)  If you read the Parex Sedar information they risked this at one in ten ..