brazil operations done nd dusted?

hi there guys sorry for the ignorance but obviously there is a lot of confusion about brazil and hats going on there if anything-

i admitedly got on this last week primarily based on there socrates oprations and there tenaments on old oil fields in the missippi plays- it wasnt until i went searching that i looked into their brazil operations- i see some saying that we have hit a stalemate on brazil operations as we want operatorship and gavia want cash but what is the guts of this transactions for the long term erh holders please? an honest question as i feel that if the whole brazil operations is done and final and wont be progresing- shouldn't wlr move on- try and find a jv partner to take over their share and foocus more on similar plays like those that we have in kansas or are we under contractual obligations that we cannot opt out of our share in our two brazil tenements ? just a question of thought as its obvious that we are wasting much needed time on justholding brazil tenements if we are not making any progress- we might as well sell off our stake- even if it is at a discount and focus our $$ and attention onto more worthwhile plays like those we have in the us of a

just a question- wanting to know if this is current or not but this is from gavia's actual website- curious as to the validity and current nature or where those projects are at as we await flow testing in results in coming weeks

DISCOVERIES IN BRAZIL

Block 430 Sergipe Alagoas Basin (Gavea Joint Venture – ERH 40%)

Cuttings and logs confirmed oil shows over a 143 meter interval, in basement and carbonate formations. Neighboring fields produce extensively from both intervals. It is understood that up to half of the production from the neighboring Angelim field has been from the fractured basement play alone, and this field has been in production since 1968. The Joint Venture has released the SONADA-ETX2 exploration rig so that flow test can be undertaken using a workover rig. A second similar target has been identified on Block 430 based on re-processing of seismic data that was recently made available by the ANP. The Joint Venture is working to secure an exploration rig test this target during third quarter.

Block 330 Sergipe Alagoas Basin (Gavea Joint Venture – ERH 40%)

The re-entry program at Block 330 was successful with PTA-3 well being completed for future production. We estimate that PTA-3 will produce between 60 and 100 barrels per day of 15 degree API grade oil. A pay zone of 15 meters was confirmed by swab testing. The well was completed for future production on 25 March 2008. Application has been made to the ANP for an extended production test. Development planning has commenced and options for acid stimulations and horizontal wells are being assessd.

http://ubx.com.br/gavea_basins.htm

This anticipation and excitement is all about socratas1 well in kansas and thats for sure atm but im vry interested to know whats happening in brazil with this stalemate- very strange considering the basin is gaining traction from internationals

only four months ago there was this

http://www.bnamericas.com/news/oilandgas/petrobras-finds-new-oil-traces-onshore-sergipe-basin

further :

http://www.bnamericas.com/news/oilandgas/petrobras-finds-new-oil-signs-onshore-sergipe-basin1

http://goindocal.com/bpcl-discovers-oil-and-gas-in-the-scrgipe-alaas-basin%252C-brazilgo-2651.htm

http://www.bloomberg.com/news/2010-08-07/nord-oil-gas-mercury-say-sergipe-basin-discovery-is-commercially-viable.html

and more recently i see that this has occured

Tuesday, Mar 06, 2012
Further to its announcement on December 7, 2011, Fortress Energy Inc. ("Fortress" or the "Company") is pleased to announce it has signed a formal purchase and sale agreement to acquire 100% of the shares of a Brazilian private oil and gas company for an acquisition price of up to US$37 The oil and gas interests to be acquired include a 100% working interest in 7 exploration Blocks located in the Reconcavo Basin, covering an area of approximately 200 sq km and a 100% working interest in three onshore producing oil fields: Bom Lugar, located in the Reconcavo Basin, Jiribatuba, located in the Camamu Basin and Aracaju, located in the Sergipe Basin. These assets have current production of approximately 50 bbls/d of light oil.

http://www.youroilandgasnews.com/fortress+energy+inc.+signs+purchase+and+sale+agreement+to+acquire+shale+oil+interest+in+reconcavo+basin,+brazil_74947.html


http://www.ige.unicamp.br/terrae/V6/PDF-N6/T-a1i.pdf

After reading positive things aboout the sergipe-basin, surely we should be able to find prospective companies wanting to take a stake in this region- lets see if Gavia is able to play stalemate against the likes of Petrobas if they were to take our stake-highly unlikely -

This region would surely add synergis to the likes of Petrobas so I would love to see a for sale sign put up on these so called assets so that WLR can start focusing on assets which will actually materialise in value for shareholders ie more interests in North America than sitting on assets which dont seem to get off the floor

Anyway just some light reading and searching on the start of a glorious weekend -