Jamaica Operations

Sagres has 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 joint venture partners for a planned drill campaign in 2011.

Assets

  • 3 PSC's in Jamaica held inside 100% Sagres owned subsidiary, Rainville Energy
  • Area 8,864 Sq. Km. (2.2 MM acres)
  • Signed June 15, 2006
  • Phase I, Expiry March 15, 2011
  • Phase II, Expiry March 15, 2013

Why Jamaica?

  • Excellent PSC terms
  • Working Hydrocarbon system; largely unexplored with world class potential
  • Stable democratic government; former British Common Wealth nation
  • Common-law legal system
  • Significant domestic energy demand with growth potential — Bauxite producer
  • Proximal to U.S. markets and international trade routes — (World's 8th largest deep water port).
diagram of Jamaica Operations

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New Data and Licensing Round

  • 2009 — Sagres in conjunction with CGG – Veritas acquire shallow and deep water mult-iclient surveys
  • Shallow-water survey provides Sagres with 2594 line km of new data
  • Deep-water survey is first seismic data south of Jamaica and reveals a huge sedimentary basin with large structures and significant potential
  • March 1, 2010 PCJ opens the licensing round for on-shore and deep-water blocks
  • 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).
diagram of Jamaica Operations

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Leads and Prospects

  • Two large prospects and three leads
  • Total gross recoverable resource potential: Best Case (P50) ~ 2.7Bboe
  • Three working sources rocks (Jurassic, Cretaceous, and Tertiary
  • In Jamaica there are oil shows in 9 of 11 wells: Two on Sagres block (Pedro Bank - 1, Arawak - 1)
  • Integration of new and reprocessed seismic and well data supports and improves existing interpretations
  • Water depth 10 - 30 metres
Consession — Gross Prospective Resource MMstb
Prospect Low (P90) Best (P50) High (P10) COS
Block 9* 1250 2529 4803 14
Block 14 74 168 345 20
Chapman NI 51-101 Resource Evaluation, May, 2010 *Block 9 includes entire La Conceocion project
diagram of Jamaica Operations

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Resource Monetization

  • 90% of Jamaica's energy is imported oil; 30MMbbl/y primarily for: transportation, mining and electricity
  • 2 oil refineries (Shell and Petroleum Corporation of Jamaica): heavy crude capacity 45k oil barrels per day
  • 2 power generation plants — upgraded to burn: gas, oil or biodiesel
  • 5 deep-water ports; 8th largest harbor in the world, deep water oil terminal, world-class container port
  • Envision shallow water (30m) platform development; oil export to market or refinery
diagram of Jamaica Operations

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