Jamaica extends Sagres exploration deadline

Offshore staff

CALGARY, Canada -- Sagres Energy has won a nine-month extension from the Petroleum Corp. of Jamaica (PCJ) for the initial exploration period of three offshore blocks.

Phase I for blocks 9, 13, and 14 now ends on Dec. 15, by which time Sagres must decide whether to enter Phase II. This carries a one-well commitment, and must be completed by Dec. 15, 2013.

So far, Sagres has performed bathymetric, geological, seismic and environmental surveys over the three permits; and regional geologic surveys of the adjacent Walton and Lower Walton basins, and on Jamaica itself.

This past Aug. 27, the company issued an independent evaluation of the resource potential on its blocks conducted by Chapman Petroleum Engineering.

This identified prospects in the shallow waters (20 m/65.6 ft) of the Pedro Bank, 120 km (74.5 mi) offshore Jamaica, with gross mean prospective oil resources estimated at 3 Bbbl.

Sagres has a 100% interest in all the blocks, and is seeking a partner to drive exploration drilling forward. The company claims that several international energy companies have signed confidentiality agreements to access the data for the blocks, and to evaluate the potential for a joint venture. 

David Johnson, president and CEO of Sagres Energy, said: "There is renewed interest in exploration in Jamaica, with nine of 11 previously drilled wells having oil shows, three potential source rocks, a new CGG-Veritas multi-client seismic survey revealing greater than 10 km (6.2 mi) of sedimentary fill in a previously unmapped deepwater Lower Walton basin, and a new deepwater lease round currently under way."

04/26/2011

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