Project Profile
Value: Undisclosed
Location: Block 21 Llanos basin
Area: 95 sq km
Start-up Year: -
Brownstone has been advised that a 95 square kilometre 3D seismic program has been completed on Block 21, and management is near completion of its analysis and interpretation. Preliminary evaluation has identified 4 potential prospects of interest on Block 21 with further detailed analysis required.
On August 3, 2011, the parties filed for environmental permits on Block 21 and await approval. Under contractual commitments to the ANH, and by the terms of its farm-in agreement, Brownstone and its partners must drill two wells by September 12, 2012. Assuming environmental approval is received in a timely fashion, the company expects to commence wellsite construction in Q1 2012, and drill two wells in Q2 2012. Projected well depths at Block 21 are 8,000 feet.
Brownstone has a 50% paying interest (45.5% working interest before pay out, 35% working interest after payout) in Block 21. Quetzal pays 50% of cost and has a 45.50% revenue interest in this block before payout, and a 35% interest following payout.
Operators:
Santa Maria Petroleum Inc. (formerly Quetzal Energy Ltd.): Operator with 50% interest
Brownstone: 50% paying interest