Operational Updates | Deals - Farm-Out
Parex Resources Updates Trinidad Position
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Parex Resources Inc. announces that its subsidiary Parex Resources (Trinidad) Ltd. has signed a farm-out agreement on the Moruga Block and has given notice that it will relinquish the Central Range Blocks.
Moruga Block
Parex Trinidad entered into a farm-out agreement for the onshore Trinidad Moruga Block. Under the terms of the farm-out agreement, the farmee earned a 20% participating interest in the block after providing Parex Trinidad with a $2 million payment. The farmee, as contract operator will also earn an additional 31% participating interest in the block upon completion of:
Paying 100% of Parex Trinidad's costs to work-over Snowcap-1 well and place it on production; Paying 100% of Parex Trinidad's costs to drill, complete and test an exploration well within 9 months of the…- ✓ Full news archive — U.S., Canada & international coverage
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