Wyndham Hotels and Resorts formed an alliance with Grupo Mariana to develop a $30 million hotel in the Pacific coast of Nicaragua.
The $30 million, 330-room Wyndham Mariana Resort & Casino will be one of the key centerpieces of the Seaside Mariana Spa & Golf Resort, which is situated on 923 acres with over one mile of beachfront.
From the press release: “With the crucial infrastructure phase at Seaside Mariana already in motion, the addition of the Wyndham Alliance provides multiple avenues for putting further capital into the exciting Central American property market. The prospects for this strategic alliance are bright, as both sides will bring their core competencies to bear on this signature development project”.
At the San Bartolo field, Norwood Resources extracted light crude oil with 38.5 API gravity.
In a progress report, the company detailed that they extracted 57.3 barrels of light crude oil, at a depth of approximately 1.9 km.
Norwood stated that "Although the conclusive recovery of light gravity oil is very encouraging, additional testing and flows need to be completed in order to determine the potential for commercial viability".
Norwood Resources plans to restart oil exploration activities at the Indoklanicsa concession.
The company would finance the drilling program, as well as the purchase of specialized equipment, by way of $5 million in secured convertible promissory notes.
Activities would be restarted in the following months, and the company hopes to achieve commercial production by the end of the year at the San Bartolo area.
Norwood Resources announces that the testing program recovered noncommercial flows of oil in both wells.
Tests were impeded by various problems and inaccurate identification of moveable oil from well logs. The Company plans to reinterpret logs in light of data from the testing to pursue those zones where oil was recovered during swabbing and while drilling.
Norwood Resources announces that the testing program recovered noncommercial flows of oil in both wells.
Tests were impeded by various problems and inaccurate identification of moveable oil from well logs. The Company plans to reinterpret logs in light of data from the testing to pursue those zones where oil was recovered during swabbing and while drilling.
Grupo Mariana announced the construction of a residential and tourist complex with 1350 units in Nicaragua.
According to the company, the resort, called Seaside Mariana Spa & Golf Resort, will be located near San Rafael del Sur, one hour from Managua, and will have 1350 units spread over an area of 923 acres.
One of the highlights of the project is the golf course, which will be developed by ex-golfer Jack Nicklaus.
Norwood, a company with Canadian capital, has the concession for oil exploration on land in the west of the country.
Nicaragua's Minister of Energy and Mining, Emilio Rappaccioli, explained that the Canadian company has drilled three exploration wells at a depth of almost 3,000 meters "and have found very clear and specific traces petroleum liquid and gas."
Nicaraguans are waiting anxiously after news that US-based Norwood Resources struck oil in San Rafael del Sur, some 50 kilometers south of Managua.
Norwood said that samples taken from one of its exploratory wells are being tested in Houston and further drilling will be needed to establish the commercial viability of the project.