Project Profile
Area: 9,712 hectares, 97.1 sq km
The Canaguay #1 well was drilled to a final total depth of 15,850 feet and is currently undergoing completion and testing to evaluate several potential oil resevoirs including the Mirador, Barco, Gacheta and Une.
If well is successful - Brownstone pays US$875,000 toward 3D seismic from share of production + bonus. Therefore, if the first year average well production is over 500 bopd = US$500,000l if over 1,000 bopd=US$1,000,000.
On November 22, 2010, Brownstone released news that oil had been discovered during completion and testing of the Lower Mirador Reservoir of the Canaguay #1 well.
Operators:
Brownstone: 25% (paying 31.25% of well to max of US$10mm then 25% plus bonus and seismic)
Quetzal: 25%
Taurex-Condor: 50%