BrookWater’s mission is to create shareholder value through the exploration, discovery and production of energy resources.
BrookWater Ventures Inc. is an emerging oil and gas company focused on highly prospective and under-explored exploration and development targets onshore and offshore Brazil. The Company has a proven Brazilian management team that previously held senior positions within Petroleo Brasileiro S.A. - Petrobras. BrookWater currently holds 30% working interest in exploration block REC-T-166 in the prolific, light oil prone, Reconcavo Basin, NE Brazil.
The Company’s senior management possesses significant technical and operational experience in the Brazilian sedimentary basins and regulatory knowledge of the Brazilian oil and natural gas industry which will provide a significant advantage when evaluating opportunities. Brazil has recently attracted significant interest due to its immense petroleum resource potential across >20 proven petroleum basins. Currently only 5% of these basins are under contract, leaving enormous opportunity for future exploration. Brazil’s National Petroleum and Bio-Fuels Agency (ANP) has recently announced the 11th Concession Bid Round. Part of Brookwater’s growth strategy is to evaluate and actively participate in the bidding of concession blocks in this 11th bid round. Bidding is expected to take place third quarter of 2011 and will consist of 174 blocks of which 87 are on onshore areas and the other 87 on offshore areas, covering a total of 122,000 km2.
Through its wholly-owned subsidiary Água Grande Exploração e Produção de Petróleo Ltda, Brookwater will participate in the drilling of one exploration well during the third quarter of 2011 to earn a 30% interest in its first oil & gas exploration and production concession (Block REC-T-166) located in the Reconcavo Basin, onshore Brazil. Several low risk exploration targets have been identified on 3D seismic across Block REC-T-166.