Sagres is in the early stages of corporate value growth and is focused on multiple drill ready, high impact PSC's in Jamaica. These PSC's are held 100% by Sagres. They cover an area in excess of 8800 square km, and have a Pmean Gross unrisked Prospective Resource of approximately 3 Billion barrels. Sagres is currently seeking JV partners for a planned drill campaign in 2011.
In concert with Canacol Energy, Sagres has recently initiated its drilling campaign in Guyana. Sagres is drilling to earn a 25% interest in a block which covers most of the Takutu Basin, onshore Guyana. The Takutu block is 7800 square km in area and has a Pmean Gross unrisked Prospective Resource of over 430 Million barrels. This well offsets the historical Karanambo discovery, which tested more than 400 bopd of 42 degree API oil.