The company’s subsidiary, Rainville Energy Corporation (“Rainville”), is a party to three production sharing agreements with the Petroleum Corporation of Jamaica (the “PCJ”) covering the right to explore and develop Blocks 9, 13 and 14 covering approximately 8,864 km² located offshore Jamaica (the “Blocks”).
The minimum exploration work commitments under each of the production sharing agreements are divided into two phases. The PCJ has granted Rainville an extension to the first phase until April 30, 2012 to allow potential joint venture partners sufficient time to complete their evaluation of the Blocks. Concurrently, the Company is in discussions with several parties with regards to a potential farm-in on these properties.
Mr. Gary Wine, President and CEO of Sagres stated that “we continue to be excited by the potential of the La Concepcion prospect, a prospect mapped straddling Blocks 9 and 13, with an independent evaluation establishing a gross mean prospective resource estimate of 3.0 billion barrels. We look forward to advancing this project to the drilling stage and we are holding discussions with potential partners”. Resources estimates are pursuant to the Company’s NI 51-101 Report prepared by Chapman described in a press release of the Company dated August 27, 2010.
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The Government says it will be hosting meetings with prospective bidders for the Jamaica’s Liquid Natural Gas (LNG) supply project and the building of a Floating and Regasification Terminal next week.
The meetings are to take place on Monday and Thursday at the Jamaica Pegasus Hotel. Minister of Energy and Mining, Clive Mullings and Chairman of the LNG Steering Committee, Christopher Zacca are expected to speak at both pre-bid meetings.
The Office of the Prime Minister says pre-bid meetings are opened to all interested bidders but that attendance is not required to submit a proposal in response to the project.
The Government was forced to re-tender the bid for the Floating Storage and Regasification Terminal after the Contractor General, Greg Christie, alleged there had been irregularities in the bidding.
Christie had said the eventual winner, the Exmar Consortium, had been given an unfair advantage. However, this week the Office of the Director of Public Prosecutions said there was no evidence to draw the inference that Exmar’s advantageous position was the result of bid-rigging or corruption.
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