The blocks 9, 13 and 14 covering about 8,864km2 is located offshore in shallow water, Jamaica, can be explored and developed by Rainville under three production sharing agreements with the PCJ.
The PCJ has approved the second phase work program which includes drilling of two exploration wells and carrying out an environmental impact assessment over the blocks.
Sagres Energy director Ahmed Said said the company has reached an agreement with the Jamaica government.
"Sagres has seismically identified two main prospects and three leads in ultra shallow water across its blocks," Said added.
"The Chapman NI 51-101 prospective resource evaluation on these prospects and leads show with an independent evaluation establishing a gross mean prospective resource estimate of 3.0 billion barrels."
PCG and Rainville has completed all the work commitments under the first phase may decide to acquire or delay the geological and geophysical data before the drilling of the second exploration well depending upon the results of the first exploration well.
Rainville has completed all the work commitments under the first phase and has a term of two and one half years starting on 1 May, 2012 and expiring on 1 November, 2014 for the second phase exploration.
Rainville holds a 100% interest in each of the blocks and is the operator.
