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Uruguay Update Rig and Equipment on First Drill Site

Source: 5/15/2017, Location: South America

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The Directors of Petrel Energy Limited (PRL) are pleased to announce that the New Force rig has been mobilised to site and is in final stages of setup with drilling to commence following final onsite inspection processes.

Managing Director, Mr David Casey, said “with only final onsite inspection processes ahead of us it is very exciting to be commencing the first onshore drilling campaign in over 40 years, and with multiple wells and multiple targets, the next few months are shaping up as a pivotal and potentially transformational time for Petrel, our shareholders and very importantly our stakeholders in Uruguay”.

Petrel’s overarching vision for Uruguay is to drill four wells to cover as much of the concession area as possible while targeting multiple and different conventional exploration objectives within and across each well. More specifically the programme will seek to answer questions from the 2015 partner process such as:

- confirm source rock maturity, quality and extent
- confirm conventional reservoir quality and extent – Darcy permeability (>1000md) already measured in core samples 30km apart
- confirm migration and potential trap integrity - while not the primary objective 3 of the 4 wells are also targeting conventional structures for oil and gas trapped in either the same sequence or up-dip of oil shows and/or weeping core samples as well as provide new insights into the regional geology of this largely unknown sub-basin of the larger Parana Basin
- confirm validity of AVO anomalies identified on seismic

Ultimately Petrel would like to see this as yet another significant step for Uruguay along the path to potential energy self-sufficiency and possible energy exporter at some point in the future.

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