Dahava Petroleos SAECA: Takes Major Position In Oil And Gas Exploration In Paraguay
Guaraní, Paraguay, /PRNewswire/ - We are pleased to announce that the Dahava Group, a private equity corporation led by Joseph Goldstein of the USA specializing in natural resources, whose operations include two diamond mines and a black jade operation and oil and gas concessions in Southern Africa, has established itself in Paraguay, with the intention of becoming a major force in the exploration and exploitation of oil and gas.
Dahava Petroleos SAECA, a Paraguayan company, has acquired Aurora Petroleos SA, Boreal Petroleos SA and CDS Energy SA, thus bringing into a single entity, vast areas of oil and gas exploration in Paraguay with Dahava's international experience. This combination will allow the Republic of Paraguay to become a major regional force in the production of hydrocarbons in the next three years.
Through these acquisitions, Dahava Petroleos SAECA becomes the partner of the Government of Paraguay to carry out the development of more than 3 million hectares in north-western Paraguay. Dahava ia also acquiring 6 miilion hectares in theParana Basin in South East the country. The Parana Basin is one the most promising under-explored areas with the potential for significant new oil production in the next 5 years.
Independent expert reports on oil and gas potential of the areas under the contracts to Dahava, show the likelihood of at least 350 million barrels of oil and 1 billion barrels cubic feet of gas, with significant upside potential for discoveries from further exploration.
During 2012, the Company plans to complete the seismic programme and to commence drilling on a number of key targets that have already identified. The Company is already negotiating contracts to bring in two rigs to operate on its areas
Dahava has mandated Valores SA to raise up to $100m and obtain a listing for the Company's shares on the Paraguay Stock Exchange. See www.valores.com.py
Dahava has also retained Strand Hanson Limited, a London based investment bank, (see www.strandhanson.com) to advise the Company and raise up to $200m and introduce the company to the London Stock Exchange's AIM market subsequent to the quote in Paraguay and thus provide a mechanism to bring international investors in to accelerate the development.
The Chairman of Dahava Petroleos SAECA, Joseph Goldstein, said, "We are delighted to be investing in the future of oil and gas in Paraguay. The listing of the shares on the domestic market and on overseas markets will provide the opportunity for investors in Paraguay to share in the potential. We look forward contributing to the development of the oil and gas sector inParaguay.
Dahava is grateful for the support received from the Government of Paraguay led by President Franco and his cabinet. The pro business attitude will allow Dahava to proceed at an accelerated phase into production".
SOURCE: Dahava Petroleos SAECACopyright 2012 PR Newswire. All Rights Reserved