CALGARY, Canada -- Petrotech Engineering Ltd. has prepared an engineering and economic evaluation of the Tartaruga block in the Sergipe-Alagoas basin offshore Brazil. The evaluation indicates that the Penedo formation original petroleum initially in place to be approximately 15 MMstb of oil with a potential ultimate recovery of 1.5 MMstb of oil, with remaining Penedo formation reserves in Tartaruga at 2.3 MMboe.
The company will immediately begin work-over of the existing well and has identified a drilling rig for a sidetrack well in November. Cost estimates on the Tartargua block are approximately $6.5 million, primarily for the sidetrack well (drill and complete). Additional development drilling, re-completions, and exploratory drilling of identified targets are anticipated for 4Q 2009, the company says.