Benchmark Energy Corp. and BrazAlta Resources Corp. reported that Benchmark has entered into a farm-in agreement with BrazAlta whereby Benchmark can earn a 60% interest in BrazAlta's Espirito Santo Blocks 318, 362, and 380 by funding 100% of an 83-km 2D seismic shoot. The estimated cost of the 2D seismic shoot is approximately US $1.7 million; the seismic program has already commenced.
The 3 blocks are found onshore within a proven petroleum region of the Espirito Santo Basin in eastern Brazil, nearby to numerous producing fields. Benchmark will fund the seismic program in Brazil out of a portion of the proceeds from the sale of its Cosmos interest in Tunisia; the Tunisia sale is expected to close in the near future.
While Benchmark intends to continue to seek farm-in and acquisition opportunities in Colombia, the farm-in to the BrazAlta blocks represent a first step by Benchmark into a new country in Latin America.
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