- Petro Vista: option to acquire a 37.5% working interest (27.23% net revenue interest) in producing shallow offshore block subject to meeting farm in obligations and the approval of the ANP and concession partners.
- Pipeline access within 1.5km.
- Nearby Oil Fields include CARMOPOLIS (30MMBO produced) and CAIOBA (50 MMBO produced).
TARTARUGA BLOCK - IN PRODUCTION
The Company acquired a 37.5% working interest (27.3% net revenue interest) in the shallow offshore and producing oil concession Block SES-107D ("Tartaruga Block") with the option to purchase subject to completion of farmout obligations and all necessary approvals including the ANP.
The Tartaruga Block is located in Brazil's prolific Sergipe-Algoas Basin, north-eastern Brazil and currently produces approximately 90 boe/d from one zone in one well which has been on production over 12 years. This well has multiple pay zones identified on logs that have not yet produced. Based on results of historic production, the existing well rate is anticipated to be increased up to 300-400 boe/d with planned work-over in 2010.
The Company is pleased to announce that the 7-TTG-1DP-SES development well on the Tartaruga Block in Brazil has been successfully drilled to a total depth of 3,445 meters. A total potential net pay interval of 101 feet (31m) minimum case has been identified on electrical logs and by petrophysical analysis. A workover rig will be brought on location immediately in order to conduct completion operations and initiate production within the next two weeks.
Logging and initial petrophysical interpretations on the well identified 9 primary zones of interest. Strong oil gas shows (C1 to C5) identified on mudlog and oil cuttings were observed throughout the reservoir section (2.900m MD to 3,445 MD). The Penedo reservoir P13 interval at a depth of approximately 3,400 m MD will be perforated first during completion. The partnership is evaluating a dual completion to achieve the highest rates possible. The oil from the Tartaruga Field is good quality 41 degree API. Existing production facilities will allow for the immediate commencement of production. Upon successful completion, the 77-TTG-1DP-SES well will be the second well in production on the Block. A workover of the first well SES-107D, is currently being planned which if successful may significantly enhance production levels.
