Inniss-Trinity Field, Trinidad
In October 2009, Fram signed an Incremental Production Service agreement to operate the Inniss-Trinity contract area on behalf of Petrotrin, the state-owned oil company of Trinidad and Tobago. Operations in Trinidad are managed locally by a team of dedicated Fram employees and contractors thoroughly familiar with the area. Technical, administrative and financial support is provided by the parent company.
Fram is in the process of performing workovers on selected wells in the contract area and is beginning to see encouraging results. Oil production by Fram in Inniss-Trinity began in May 2010, and our first export sale was in October 2010. The Company also has recently commissioned a new 1,500 bbl storage tank in the field, which is expected to significantly reduce well down time and improve sales volumes.
Based on internal geological analysis and modeling, Fram believes the field will yield significantly more oil than previously estimated and is actively pursuing further acquisitions as additional licensing opportunities are made available.
Fram plans to commence an
aggressive development drilling program starting Fourth Quarter 2011. The wells are expected to produce
80-100 bopd from previously overlooked
and/or under-evaluated horizons.