cerro padilla e - 2 corehole

SP down to a support level of about 19 cents (Nov 2013, resistance), currently ranging between about 19.5 and 25.

Hopefully it will hold here until we get some news about Cerro Padilla E-2 Corehole (which based on my estimates is currently drilling ahead at approximately 800 of 1250 m, so just past the 75m interval from 713m which had direct evidence of free oil across nost of the 75m section!) or Spain farm out or uruguay seismic permits come in.

Good to see in quarterly that seismic scouting has been completed and the extent of the proposed 580km program (page 3/13), which is indicative of the massive potential for nice big oil bearing structures across both of the concessions. Importantly, the seismic program is required for management to volumetrically assess the potential and delineate a contingent resource, which would be the game changer for realising Uruguay's full value. If this highlights a Bakken or Vaca Muerta anaolgue potential resource (as suggested in ASX Spotlight Conference Presentation - London and NY), even a fraction of either of those would add several dollars to the share price from here. Spain company update would be beneficial also.

Cheers,

8's