the article below states:
1. 20 potential oil deposits or "traps" in Salto and Piedra Sola
2. there could be between 2 and 241 million barrels in each block
3. Ancap buys about 1 million barrels of oil per month.
Now that's a lot of oil!!
**ANCAP will have plenty of money when we hit the sweet spot
"In case of actually finding Ancap oil, it has the right to associate 50% of the contract and assure that the State would make "approximately 73% of the economic benefit of the activity"
**These guys are in the business for one reason $$$$$$$$$$$$$$$ they will make it, we will all be rewarded - life changing potential right here...right now!
"With this perspective Casey announced that
SEI "is in an ideal position to begin considering potential partners to assist with the next phase of exploration and evaluation of the largest land grant in Uruguay."
http://www.elpais.com.uy/economia/noticias/encontraron-potenciales-depositos-petroleo-salto.html
Jan 13 2015
They found 20 potential oil deposits in Salto and Piedra Sola
This means that the country today has a significant chance of finding oil if the exploration is done, said Ancap explorer Héctor de Santa Ana.
The Australian company Petrel owns 51% of the shares of
Schuepbach Energy International (SEI) announced that it has found and successfully certified 20 potential oil deposits or "traps" in Salto and Piedra Sola, a town between Tacuarembó and Paysandú.
Ancap's exploration and production manager, Hector de Santa Ana, told El País that "there could be between 2 and 241 million barrels in each block." To take as reference Ancap buys about 1 million barrels of oil per month.
Santa Ana said that the finding does not imply that oil was found, for which it will be necessary to pass to a drilling stage, but implies that "the country today has an important chance of finding oil if the exploration is done".
The international certification was done by Netherland, Sewell & Associates, Inc. (NSAI) based on the analysis and interpretation of the 597Km of 2D seismic information that SEU raised during 2014 in both blocks. The fact of international certification gives greater guarantees that oil is actually found.
In this sense "now we will have to move to a second exploratory stage, which involves making two wells per block," De Santa Ana said.
"After that we will know if there is oil presence or new seismic is defined." Thus, between this year and 2017, it is planned to drill four exploratory wells "with the objective of testing these conventional exploratory situations and verifying the existence or not of such volumes," the company said.
It is the first time that a company that is exploring oil in Uruguay both on-shore and off-shore goes to this second stage of drilling wells.
Exploration areas of Petrel in Uruguay. Photo: Ancap All this will involve a "very important" investment, said De Santa Ana who summarized the finding and certification as a "leap" in the steps that were being taken in Uruguay in the field of hydrocarbon research.
In case of actually finding Ancap oil, it has the right to associate 50% of the contract and assure that the State would make "approximately 73% of the economic benefit of the activity".
David Casey, Managing Director of Petrel, said in a statement that "the prospective resource estimate provides a new and important approach to the emerging potential of the Salto and Piedra Sola concessions. This is a very exciting and potentially conservative result, Obviously, can not be taken into account areas not covered by seismic, "among others.
With this perspective Casey announced that SEI "is in an ideal position to begin considering potential partners to assist with the next phase of exploration and evaluation of the largest land grant in Uruguay."
