West Indian Energy Group
Innovative Energy Group Attracting Major Investment
West Indian Energy Group aims to be a major player in the Caribbean’s oil industry. Founded in 2013 to explore and exploit onshore oil assets in Trinidad and Tobago, Guyana and Surinam, the company is initially focusing on Trinidad and Tobago but will expand regionally this year.
Managing Director Geoffrey Leid explains, “We are currently exploring three blocks ranging from 5,000 to 14,000 acres, using the latest technologies from Rex Group in Singapore to locate any reservoirs that have not yet been pumped. With our technology partner, our goal is to identify new, untapped, substantial reservoirs that have been overlooked on shore. Our investors like what they have seen so far. We are going after a reservoir with about 25 million reserves, and we will be drilling our first wells in March and April this year. We foresee returns on investment in around 24 to 26 months.”
Major investment from a hedge fund
West Indian Energy has already attracted a major investment from a hedge fund as well as from Rex Group. Mr. Leid, who is considering an IPO and possibly a listing on the Toronto stock exchange in the future, welcomes more capital investment to help West Indian Industry reach its ambitious goals.
Mr. Leid highlights the investment attractions of Trinidad and Tobago. He says, “Trinidad and Tobago has developed extensive expertise in oil and gas, so the learning curve is a lot less than in other areas. In addition, there are exploitable deep-water offshore anomalies that seem to stretch to Surinam and Guyana. We are expecting a major find in the next few years, and investors will flock here then. The message is, if you want to make the most of your money, do something that has not been done before.”