New Stratus signs farm-out agreement with Vultur in Brazil
New Stratus executed a definitive farm-out agreement with Vultur Oil for the onshore Bahia State Concession Contracts in Brazil’s Reconcavo Basin. The blocks include Contract 108 (REC-T-108) and Contract 107 (REC-T-107), both issued by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The concession contracts lie adjacent to the commercially productive Araças field, operated by Petrobras, in one of the basin’s key light-oil and natural-gas reservoirs.
Under the terms of the agreement, New Stratus will earn up to a 32.5 % working interest in the contracts, and will participate alongside Vultur in the development and production of the existing wells.
Historically, Vultur re-entered and hydraulically stimulated the Candeias formation in the GREN well (drilled within REC-T-108), completed in April 2025, and placed the well on long-term test following the installation of an artificial-lift system. The previously tested GOP well in REC-T-107 confirmed the presence of hydrocarbons in both the Agua Grande and Sergi formations.
With this agreement, New Stratus will participate in future production from the blocks as it undertakes development work including well re-completions, step-out drilling and horizontal/lateral wells in the identified reservoirs.
