Jamaica

By OGJ editors
HOUSTON, Aug. 30 – Sagres Energy Inc., Calgary, completed its phase one commitments under production sharing agreements with Petroleum Corp. of Jamaica on blocks 9, 13, and 14 on Pedro Bank off Jamaica.

The company acquired and processed 2,458 line-km of 2D seismic on the blocks. It digitally scanned and migrated 51 existing seismic lines, reprocessed eight well logs, and selected two lines of new seismic data for improved seismic processing.

Geophysical and geological analyses 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.

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. Sagres doesn’t expect to proceed to the second exploratory phase starting in March 2011 unless it attracts a partner.