Sonangol spins Reconcavo bit

Sonangol Starfish Oil & Gas, the Brazilian arm of Angola's state-owned company, has spud an exploration well on Block 166 of the light-oil-bearing Reconcavo basin onshore Brazil.

The well, 1-MAC-1-B, will explore four target in the Macauba prospect, with total estimated recoverable resources estimated to be between 3 million and 6 million barrels of oil equivalent, Toronto-listed partner Brookwater Ventures said in a statement.

Sonangol Starfish-owned Pangea will conduct drilling operations. The operator is expected to hit total depth of about 2500 meters within a month, Brookwater said.

Operator Sonangol Starfish owns a 40% stake in Block 166. Brookwater, through its Brazilian arm called Agua Grande, owns a 30% working interest. Angola-headquartered Somoil holds the remaining 30%.

The Reconcavo basin, rich in light oil, is a mature basin that currently produces more than 60,000 boe per day, according to Brookwater.

Upsetream Online: 25 January 2012