Ann: Rights Issue Shortfall Notice, page-156

Ancap analyzes whether it will grant a contract extension to the Australian oil company Petrel Energy Despite running out of financing to continue with the search for oil, the company intends to continue working in Uruguay. The Australian oil company Petrel Energy failed to raise the money necessary to continue the search for oil in Uruguay, so its shareholders do not support moving forward, for the time being, with the exploration work. This was reported by the company on Wednesday in a statement. The company required 4.5 million dollars to realize the next well. The drilling carried out in Cerro Padilla, in Paysandú, confirmed the presence of oil although it was not determined if it is commercially profitable. The company signed two contracts with Ancap: the first of them has already expired and the second expires at the end of this month. Petrel requested an extension to extend it. The firm was in what is known as the second exploratory phase and until now had not done all the work committed. The Dinama, in addition, sanctioned the company for the improper use of chemical products in soil. Now, based on an internal report, Ancap must decide whether or not to grant the extension to the oil company. Petrel Energy said in a statement that, despite today's lack of financial support, it expects to maintain operations in Uruguay and continue working with Ancap. If the blocks are free, they could be re-tendered or worked by Ancap itself.

He is a low life blaming share holders. We have already supported 3 raises which he has mismanaged wasted. Stand up, take responsibility and be a man you fat piece of sheet.