Fiendish, I have been doing some google research on Uruquay and its oil concessions. Last year 19 oil companies lodged bids with the govt for offshore concessions with the winners being Total,BG,BP and Tullow. Apparently Shell and a large US oil group missed out which surprised many. Total are also a major player in getting rights onshore with Petrel's group on one side of YPF, while Total is the major player on the other side of YPF. I don't know much about Uruquay but it appears they have a govt which is amenable to the West and is keen to improve its economy. Now I do urge everyone to do some google searches themselves but I think Mitchell and Casey appear to have Petrel positioned very nicely. Put it this way it wouldn't be surprising if many of the oil majors particularly Total with concessions on and offshore wouldn't have these guys on their New Year greetings list.
PRL Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
