Sagres Energy estimates Jamaica blocks to hold 3 billion bbl

Sagres Energy has obtained an independent evaluation of the resource potential of certain prospects identified in its blocks 9, 13, and 14 in the shallow waters (20 meters) of the Pedro Bank 120 km offshore Jamaica showing a gross mean prospective resource estimate (oil) of 3 billion bbl.

Chapman Petroleum Engineering prepared the evaluation of prospects identified by Sagres, effective 1 July.

The La Conception prospects straddle the division between Blocks 9 and 13, and as there are no other prospects identified in Block 13, these prospects were grouped with the block 9 prospects for evaluation purposes.

Block 9 contains the La Concepcion and El Angel prospects and the Carrea del Mar lead. La Concepcion is an extremely large prospect that overlaps into Block 13 and has an independent closure of approximately 150 sq km and a fault dependent closure of approximately 390 sq km. The Carrea del Mar lead and El Angel prospect are both large opportunities with areas of approximately 30 sq km and 40 sq km respectively.

Block 14 contains the Regla del Oest and Regla del Este leads. These leads are 40 sq km and 70 sq km in area, respectively.

Sagres has completed its phase one commitments under its production sharing agreements with the Petroleum Corporation of Jamaica with the acquisition and processing of 2,458 km of 2D seismic data over blocks 9, 13, and 14. The interpretation and integration of the new and old data was completed in July. As part of this process, 51 existing seismic lines were digitally scanned and migrated, eight well logs were reprocessed, and two lines of the new seismic data were selected for improved seismic processing.

Geophysical and geological analyses of the data have resulted in a new suite of new interpretations, the definition of two drill-ready prospects, the identification of three additional leads, and a reassessment of the potential resource covered by the blocks.

Sagres is continuing to pursue joint venture partners to further explore and develop its interests in the blocks. Several international energy companies have signed confidentiality agreements with Sagres in order to access the data for the blocks, and evaluate the potential for a joint venture. Over the rest of this year, Sagres plans to continue geologic work to progress exploration opportunities from lead to prospect status, which may include further seismic processing; to begin formative work on the environmental impact assessment and site surveys for exploration drilling; and to complete the annual review and budget process with the Petroleum Corporation for Jamaica.