Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX
VENTURE:BW) announced today that it has secured the services of
Geopex Consultoria ("Geopex"), one the largest independent
geological and geophysical ("G&G") teams in Brazil, on an
exclusive basis. Founded in 2000 by former Senior Petroleo
Brasileiro S.A ("Petrobras") staff, Geopex has provided extensive
G&G related services to the Brazilian Exploration and
Production sector, including Petrobras and the National Petroleum
Agency ("ANP"). The senior partners of Geopex each hold on average
over 30 years of experience in the Brazilian oil and gas industry
and have collectively worked all major onshore basins in
Brazil.
The Geopex team will be based in Salvador, Brazil and be
centrally located to Brookwater's Block 166 exploration block in
the Reconcavo Basin. Geopex will provide G&G services and
assess opportunities across all onshore and shallow offshore
Brazilian sedimentary basins as Brookwater looks to grow its asset
base and participate in the ANP 11th Bid Round.
Mr. Jason Cho, President and CEO of Brookwater commented, "The
addition of Geopex is a significant step to building our technical
expertise and presence in Brazil and complements our existing staff
in Rio de Janeiro. Geopex's in-house knowledge and expertise is the
result of decades of experience working the Brazilian sedimentary
basins, which we will now be able to leverage going forward."
A summary of the senior partner members of Geopex:
-- Amaro Ferreira Apoluceno Neto is a petroleum geologist with over 30
years of Exploration and Exploration Management experience focused
largely on the onshore and offshore sedimentary basins in North and
Northeast Brazil. Amaro spent 23 years as Exploration Manager and
Superintendent with Petrobras covering the Potiguar, Solimoes, Aracaju
and Bahia Districts and was also Chief Geologist/Exploration Manager in
Ecuador Braspetro Branch.
-- Renato Senna de Carvalho is a petroleum and mining geologist with over
40 years of Exploration and Interpretation experience. Renato spent 30
years with Petrobras as Geological and Interpretation Manager in the
Sergipe-Alagoas, Reconcavo, South Bahia and Espirito Santo basins.
Renato also spent a number of years working as the Exploration Division
Manager in the New Frontier and Technology Division of Petrobras and as
the Exploration Manager in Petrobras' mining subsidiary (Petromisa).
-- Pedro Luiz Pereira dos Santos is a geophysicist with over 30 years of
Geophysical Interpretation and Data Management experience. Pedro spent
21 years with Petrobras in management geophysical acquisition / quality
control activities in 2D and 3D seismic crews and seismic processing.
Pedro was in charge of seismic interpretation for Petrobras in the Bahia
District working mainly in Reconcavo, Tucano, Potiguar, Sergipe-Alagoas,
Espirito Santo and Santos basins.
Brookwater also announced today that Agua Grande Exploracao e
Producao de Petroleo Ltda. ("Agua Grande"), the Company's
wholly-owned Brazilian subsidiary, will spud the exploration well
on Block REC-T-166 ("Block 166") in the Reconcavo Basin in Q4 2011
versus Q3 2011. Brookwater holds an exclusive right to a 30%
working interest in Block 166 through Agua Grande, while Sonangol
Starfish Oil & Gas S.A. ("Sonangol Starfish"), subsidiary of
Angola's state oil company, has operatorship with 40% working
interest and Somoil Internacional de Petroleo do Brasil Ltda holds
the remaining 30% interest.
The Block 166 exploration well (1-MAC-1-BA) is to target the
Macauba prospect, which was identified after proprietary 3D seismic
was procured by the concessionaires. More specifically, the well is
intended to explore four targets with total estimated recoverable
resources of between 3 and 6 mm boe(1). Drilling operations are to
be conducted by Pangea, an associated company of Sonangol Starfish
with a modern rig. The planned total depth of approximately 2,500
meters is expected to be reached within one month.
About Brookwater:
Brookwater is an emerging oil and gas company with a proven
Brazilian management team including members that previously held
senior positions within Petroleo Brasileiro S.A - Petrobras.
Brookwater is focused on building a portfolio of high impact assets
in Brazil and currently holds, through Agua Grande, prospective
acreage in the prolific Reconcavo Basin.
Agua Grande's senior management possesses significant technical
knowledge and operational experience in the Brazilian sedimentary
basins and regulatory knowledge of the Brazilian oil and natural
gas industry which will provide a significant advantage when
evaluating opportunities. Brazil has recently attracted significant
interest due to its immense petroleum resource potential across 28
sedimentary basins. Currently only 5% of these basins are under
contract, leaving enormous opportunity for future exploration.
Brazil's National Council of Energy Policy has announced the 11th
Concession Bid Round. Among other opportunities Brookwater is
currently evaluating, one of the Company's growth strategies is to
evaluate and actively participate in the bidding of concession
blocks in the 11th bid round. Bidding will consist of 174 blocks of
which 87 are on onshore areas and the other 87 are on offshore
areas, covering a total of 122,000 km2.
The Reconcavo Basin is a light oil rich mature basin and has
produced 1.9 billion barrels of oil and 400 million boe of gas
since the first discovery in the early 1940s. With current
production of 63 thousand boe/d and recent discoveries such as the
Jandaia field (16 million barrels of volume in place of 42 degrees
API oil with current production of 2,700 b/d) this basin is still
considered very attractive for investment. Block REC-T-166, in
which Agua Grande has a 30% working interest, lies just west of the
Agua Grande field, discovered in 1952, and which still produces
3,000 b/d after delivering over 300 million barrels of 42 degrees
API oil.
Through its wholly owned subsidiary, Agua Grande, Brookwater
will participate in the drilling of one exploration well during the
fourth quarter of 2011 as part of its commitment in the concession
of Block 166. Several low risk exploration targets have been
identified on 3D seismic across Block 166.
On behalf of the Board of Directors of BROOKWATER VENTURES
INC.
Jason Cho, President & CEO
Please refer to the Company's NI 51-101 compliant technical
report on the Block REC-T-166 Concession dated December 31, 2010
entitled "Evaluation of the Interests of Brookwater Ventures Inc.
in the REC-T-166 Block in the Reconcavo Basin Brazil", available on
the SEDAR profile of the Company at www.sedar.com.
Information in this press release expressed in barrels of oil
equivalent (boes) is derived by converting natural gas to oil in
the ratio of six thousand cubic feet (mcf) of natural gas to one
barrel (bbl) of oil. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 5.7 mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead.
Forward-looking information
This news release contains forward-looking information relating
to the Company's growth and corporate strategy, and other
statements that are not historical facts. Forward-looking
information relates to management's future outlook and anticipated
events or results, and may include statements or information
regarding the future plans or prospects of the Company. Although
management of the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks and uncertainties associated with the contract
entered into with Geopex, oil and gas exploration, development,
exploitation, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from
internal and external sources, reliance on key personnel,
regulatory risks and delays and other risks and uncertainties
discussed in the management discussion and analysis section of the
Company's interim and most recent annual financial statement or
other reports and filings with the TSX Venture Exchange and
applicable Canadian securities regulations. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
(1) 2.6 mm boe as per NI 51-101 dated December 31, 2010 for the
Macauba prospect vs. 6.2 mm boe as per management's estimate
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Brookwater Ventures Inc. Jason Cho President & CEO
+1 (416) 576 8870jcho@forbesmanhattan.com Agua Grande Wagner Freire
President (55-21) 2610 8060wagner.freire@agpetro.com.br
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