REX International Holding, a catalist-listed oil and gas explorer announced on Wednesday that its subsidiary, Caribbean Rex, will acquire the remaining 25 per cent stake in Jasmin Oil and Gas.
It has signed a share sale agreement with Jasmin, which holds 100 per cent of the South Erin Block licence in Trinidad & Tobago.
The transaction is expected to be completed within the next 90 days.
Once it is completed, Caribbean Rex will have a 100 per cent stake in Jasmin, which also means a 100 per cent working interest in the South Erin Block.
Mr Dan Broström, executive chairman of Rex International Holding, said: "We plan to drill five to seven onshore wells in our three concessions in Trinidad & Tobago next year, with the first drilling to be carried out in the first quarter of 2014."