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https://www.elobservador.com.uy/pet...intencion-seguir-invirtiendo-el-pais-n1176818

Petrel Energy announced to the government its intention to continue investing in the country

March 1, 2018

It is the main investor in Schuepbach Energy Uruguay, the company that operates the oil and gas concessions of Salto and Piedra Sola.

Petrel Energy Limited , the Australian company dedicated to the development and production of petroleum projects, announced to the Uruguayan government its intention to continue investing in Uruguay. Petrel is the main investor in Schuepbach Energy Uruguay, the company that operates the oil and gas concessions of Salto and Piedra Sola.

The decision was communicated by the CEO of the company David Casey, the Vice President of the Republic Lucia Topolansky and the main authorities of the Ministry of Industry, Energy and Mining (MIEM) and the Ministry of Housing, Territorial Planning and Environment (MVOTMA) .

Since 2012, US $ 25 million have been invested in exploration, of which US $ 18 million have been contributed by Petrel. Recently, Petrel is the sole funder of the project, and has increased its participation from 51% to 62%.

At this moment the company, under the advice of Euro-Latin Capital, is looking for a partner for the long-term project and the missing stages.

To reach the well drilling , the concession has carried out magnetotelluric surveys, 600 km of seismic. The first well was drilled at about 845 meters depth, and although it is believed to be below average, it provided the first sample of hydrocarbons in Uruguay.

Casey expressed that "this is the beginning of a new process of communication and dialogue that we have proposed for the coming months, we understand that we have not clearly explained to the Uruguayans what we are doing in Uruguay and why we want to continue investing in this country. We are going to tell the community what we do and what the different stages of the process we are and we will carry out. "

In October 2017 the government had confirmed the existence of hydrocarbons in the department of Paysandú found by the company Shuepbach Energy Uruguay. Two weeks later, the presence of an "oil system" was announced, which meant one more step. However it is unknown if it is marketable.