Guyana Operations
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.
Leads and Prospects
- 25% Farm-in of Takutu Basin Block
Oil Discovery Coupled with Extensive Land Position
- 7800 km2 covering most of the Takutu Basin, on-shore Guyana, South America
- Karanambo - 1, 1982 discovery, Tested 400 BOPD 42 API oil
- Karanambo Gross Pmean Prospective Resource — 128MMstb
Economics
- Pay 30% to earn 25% on first well
- $3MM U.S. first well cost, net to Sagres
- $1.25MM U.S. paid to date
- Net 25% WI on concession
- Sagres is seeking a drilling partner in conjunction with licensing round
- Proximal to U.S. markets and international trade routes — (World's 8th largest deep water port).
Fiscal Terms
- Cost recovery from 75% production
- After recovery 50% split with state
- No taxes or royalties
| Prospect | Low (P90) | Best (P50) | High (P10) | High (Pmean) | COS |
|---|---|---|---|---|---|
| Karanambo | 4.4 | 38 | 281 | 127.7 | 90 |
| Pirara | 0.8 | 15.1 | 216.9 | 132.8 | 10 |
| Rewa – Apoteri | 0.4 | 12.2 | 360.2 | 128.8 | 10 |
| Rewa – Fan | 7.4 | 26.7 | 89.8 | 41.6 | 10 |
View Diagram
Karanambo Discovery (K-1)
- Tested 400bopd, 42API oil in fractured volcanoes Test analysis indicates formation damage, no pressure depletion
- Test analysis indicates formation damage, no pressure depletion
- Well capable of flowing > 1,000 bfpd from tested interval under open hole conditions
- 128mmb gross mean prospective resources (GCA 2009 Resource Report)
- Envision shallow water (30m) platform development; oil export to market or refinery
View Diagram