Petrel Energy Ltd’s, two hole 2000 metre core drilling programme, to test the oil/gas potential of its extensive 3.5 million acre basin play in Uruguay is expected to commence in August. It will target organic rich shales in the Norte Basin to test parameters critical for source and reservoir rock evaluation, of similar age shale plays to extensive basins such as the Bakken of North America.
Requisite government and landholder approvals have been submitted by Operator and Petrel Energy
Partner Schuepbach Energy International (SEI). Ministerial consideration is currently underway and two
local drilling companies have been contracted to drill both wells simultaneously to estimated depths of
700 and 1300 metres over a 4 to 6 week period.
Petrel Energy’s Managing Director, Mr. David Casey said today: “The approvals process has taken
longer than originally anticipated, however being the first mover in onshore Uruguay this was probably
to be expected as we are essentially breaking new ground and are very cognizant of establishing best
practice procedures from the outset. Despite the delays we are very happy with the progress to date as
we have taken the time to proactively work with landowners and government alike. The core hole
programme is an exciting next step for SEI and Petrel.”
He reiterated that: “This has and continues to be a valuable investment of our time as it lays the
foundations for future approvals processes and the beginning of what we believe will be a substantial
new period of onshore oil/gas exploration for Uruguay.” The two coreholes represent the first deep onshore petroleum exploration in Uruguay for over 30 years and the first focused on unconventional targets. As a result a high level of interaction with both landholders and government officials has been necessary to ensure the exploration process is fully understood and all information on the planned exploration programme has been received.
The first two coreholes will allow SEI to determine the distribution of organic-rich shales and other
potential reservoirs and will be followed by seismic acquisition to guide follow-up exploration drilling and
resource distribution.
SEI is a private US company, which holds a 100% working interest in Piedra Sola and Salto
concessions in the Norte Basin Uruguay. The two concessions cover 14,000 sq km (3.5 million acres).
Petrel Energy currently holds a 25% interest in SEI and has an option to increase its shareholding to
51% later in 2013 for US$5.5 million.
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