RE: parex Here is the update from PXT this week....if things are good I suspect end of April; probably the normal delays with results in May.
We had previously reported that the Firecrown-1 well, located on the onshore
Moruga Block, reached a qualifying depth of 10,300 feet and penetrated both
the primary and secondary objectives in the Herrera Formation, but we were
unable to properly evaluate these objectives due to non-repairable cement
conditions in the well. The Company has imported a larger and more modern rig
to re-enter Firecrown-1 and sidetrack the well to evaluate both of the
objectives. The rig is currently preparing to re-enter the well and is
expected to start drilling within the next week with test results expected by
the end of April 2012.
Additionally during the first half of 2012, on the Moruga Block the Company is
evaluating follow-up appraisal locations to the Snowcap-1 light oil discovery
and plans to spud the Green Hermit prospect during late February 2012. Parex'
working interest for the Moruga Block is 50 percent and will increase to 83.8
percent subject to closing of the purchase of the additional working interest