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Early Optimism in Uruguay Oil Search

Source: www.gulfoilandgas.com 8/14/2013, Location: South America

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ANCAP has announced the presence of free oil in rocks some 450 metres below ground level in the Pepe Nez region approximately 4.0km from Schuepbach Energy Internationalís (SEI) (Petrel Energy) Piedra Sola concession.

The oil was discovered in a clastic section above a black shale in a lower Permian section. The black shale is 20m thick with measured high TOC values.

This discovery is significant, because besides the Devonian Cordobes shales and clastic section already identified by SEI, this represents another oil generating hydrocarbon system not previously known.

In local media reports ANCAPís President Raul Sendic noted that these results, while not commercial, are extremely important from the standpoint of hydrocarbon exploration because they add a new oil generating rock to the oil system for the Northern Basin that had not previously been recognised.

Petrel Energyís Managing Director, Mr. David Casey said: ďPetrel congratulates ANCAP on its success with the Canada Charrua well in the Pepe Nez region. The oil discovery in the Permian shales and overlying formation has now added an additional target to the underlying Cordobes Devonian shale, all of which will be tested in our imminent corehole programmeĒ.

Piedra Sola and Salto
Petrelís Uruguay project, through its interest in Schuepbach Energy International covers two concessions over 14,000 sq km (3.5 million acres) in the onshore Norte Basin with potential for a very large unconventional and conventional oil resource in a virtually unexplored basin.

Petrel currently owns a 25% interest in Schuepbach Energy International LLC (SEI), a private US company, which holds a 100% working interest the Piedra Sola and Salto concessions. Petrel holds two further options allowing the equity interest in SEI to be progressively increased to 60% over the next 18 months through a total additional investment of US$11.5. The first phase of an initial US$2.5 million exploration program has been completed with acquisition of Magnetotelluric (MT) data, the two coreholes in Piedra Sola concession will complete the initial exploration programme.

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