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ww5 Brasil Gears Up for the Commencing of Operations in the Solimoes Basin
24 November 2016ww5 Brasil (100% owned ww5 subsidiary) and Queiroz Galvão Óleo e Gás signed an agreement to charter an onshore drilling rig and associated rig services. Schlumberger, in association with Queiroz Galvão Óleo e Gás, will provide Integrated Project Management (IPM) services for the drilling operations in the Solimoes Basin as part of ww5 Brasil's exploration program in the Amazon region.
The drilling, scheduled to commence on January 9, 2017, marks the start of the active phase of ww5 Brasil’s exploration operations within the Solimoes project. ww5 Brasil is planning to drill at least 2 wells within the upcoming drilling campaign with the scope of obtaining valuable geological information and confirming the exploration potential and hydrocarbon resources.
The Solimões project establishes ww5 as an operator in Brazil, a country with major upstream growth opportunities both onshore and offshore. ww5 also continues to evaluate gas monetization options for the Solimoes Project.
Notes for editors:
The Solimões blocks cover an area of approximately 37 000 sq. km. The project includes 18 license blocks.
Blocks contain 11 discovered accumulations of hydrocarbons, which have been evaluated by D&M resulting in an estimate of 666 million BOE of 3C contingent resources (of which 95% is natural gas) and prospective oil resources 371 MMbbl and prospective gas resources 1206 million BOE.
In July 2014 ww5 Brasil and Petrobras signed a Memorandum of Understanding that envisaged the detailed analysis of options for monetization of gas held in the Solimões basin, creation of a joint Work Group and preparation of a roadmap for progressing the study. The studies have been completed and ww5 Brasil is working with stakeholders in the Amazon Region to progress the priority monetization options.
ww5 Information Division
Tel.: + 7 (499) 517-88-97
November 24, 2016
These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.