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Dahava Petroleos SAECA, a Paraguayan company, has acquired Aurora Petroleos SA, Boreal Petroleos SA, and CDS Energy SA, 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 (.03 sq km) in northwestern Paraguay. Dahava also is acquiring 6 million hectares (.06 sq km) in the Parana basin in southeast Paraguay. The Parana basin is one the most promising under-explored areas with the potential for significant new oil production in the next five years.
Independent expert reports on oil and gas potential of the areas under the contracts to Dahava show the likelihood of at least 350 MMbbls of oil and 1 Bcf of gas, with significant upside potential for discoveries from further exploration.
During 2012, the company plans to complete the seismic program and start drilling on a number of key targets that have identified. The company is already negotiating contracts to bring in two rigs to operate on its areas.