Naftex Secures Financing for Brazilian Offshore Exploration

Naftex Energy Corporation and its wholly-owned subsidiary, Coplex Petroleo do Brasil Limitada, have entered into financing arrangements to fund their share of the cost of the exploration of the BS-3 license and the development of the Coral and Estrela do Mar fields in the Santos Basin offshore Brazil, in which Coplex Brazil has a 27.5% participating interest. Together with Queiroz Galvao Perfuracoes, one of the three other joint venture partners in the Project, Coplex Brazil has established a special purpose company called BS-3 S.A.

The Project is now well under way, with the drilling of production wells and the construction of production and processing equipment. The recent success with the SCS-10 exploration well, leading to the discovery of the Caravela Sul field, has further encouraged the joint venture partners to continue the evaluation of this discovery by conducting a 3D seismic survey over the license as well as initiating plans for further appraisal.