Project Profile
Value: Undisclosed
Location: Onshore Norte Basin, Uruguay
Area: over 14,000 sq km (3.5 million acres)
Start-up Year: -
Petrel’s Uruguay project, through its interest in Schuepbach Energy International (SEI), covers Piedra Sola and Salto concessions totalling over 14,000 sq km (3.5 million acres) in the onshore Norte Basin. Both concessions have the potential to host very large unconventional and conventional oil resources in a virtually unexplored basin. The first option allows Petrel to increase its stake to 51% through an additional investment of US$5.5 million. The first phase of an initial US$2.5 million exploration programme has been completed with acquisition of magnetotelluric (MT) data. The two coreholes in Piedra Sola will complete this programme.
Operators:
Schuepbach Energy International (SEI): Operator with 51% interest
Petrel Energy: 49% interest in Schuepbach Energy International (SEI)