RAINVILLE Energy is asking for more time to get an investment partner on board its oil exploration work on three blocks offshore Jamaica.

The Canadian firm already received a nine-month extension from the Petroleum Corporation of Jamaica (PCJ) in March, but the deadline for it to decide whether it will proceed with phase two of the exploration work, which consists of completing a detailed prospectivity analysis and drilling one well at each block, falls on December 15.

Now, Sagres Energy, the parent of Rainville, has said it applied for an extension to give “potential joint venture partners sufficient time to complete their evaluation of the blocks”, which may have three billion barrels of oil.

Sagres, whose three licences cover 8,800 square kilometres in shallow water (less than 30 metres) offshore Jamaica, announced last year that the blocks had a “seismic bump” that could have substantial amounts of hydrocarbon, based on an independent evaluation of the resource potential prepared by Chapman Petroleum Engineering.

A decision on the extension requested is expected to be reached in the next two weeks, Sagres said Monday.

Sagres’ representatives here and overseas were not available up to press time to say how much additional time is being sought. The PCJ group managing director was said to be in meetings yesterday.

The company said it was in discussions with several parties about a “farm-in” agreement, in which the new partner would assist with development costs.

Sagres’ president and CEO, Gary Wine, said: “We continue to be excited by the significant potential of the La Concepcion prospect.”

The area has a “gross mean prospective resource estimate of 2.9 billion barrels before consideration of risk”, he said.

“We look forward to advancing this project to the drilling stage and we are holding discussions with potential partners,” he added.