Comrades,
Starting a new maybe more positive thread to hopefully turn around our sentiment here and give ourselves some hope. Seems to be a lot of media in Uruguay in regards to PRL, Looks like Mr Cassey might have realized what he has done and how serious our situation is, but at least there might be a light at the end of the tunnel.
Now this creates a little dilemma for me for I have made a lot of money in situations like this, it is all about risk vs rewards isn´t it?? so now if I decide to invest say $20,000 and buy another 5 million heads and things work out for PRL, we have luck with hydrocarbons etc etc , then that initial investment of $20,000 could be worth a small fortune, if not then I lose $20,000, claim a loss on that stock which off sets profits from other stocks.
Following is more information in Uruguay media that I have translated into English for you comrades to read. I guess it is real decision time for all of us now IT IS NECESSARY TO DIG
Petrel seeks investors to continue searching for hydrocarbons in Uruguay
According to the company, each new well would require an investment of about 3 million dollars.
16.03.2018 21:27
The Australian Petrel Energy announced today in Montevideo that it is looking for new investors to be able to carry out in the coming months its hydrocarbons exploitation plan in Uruguay, "its main project worldwide", which aims to establish four extraction wells .
Petrel is a majority shareholder (62.7%), together with Schuepbach Energy (37.3%), of Schuepbach Energy International, a company that "has 100% of the contracts" for the exploitation of Salto and Piedra Sola, in the north of the country. country.
The director of Petrel, David Casey, explained today to the press that, "at this moment" Petrel is the only financier of the project, reason why they look for new partners, and detailed that each well would demand an investment of near 3 million dollars, value that can vary according to depth or other geological conditions.
"To reach the well drilling, the concession has carried out magnetotelluric surveys, 600 kilometers of seismic, in addition to planning and considerable approvals in the last five years", which required investments of nearly 25 million dollars, 18 million of them contributed just for Petrel.
The first step of this new stage of exploitation in the country, which should begin in the next two months, would consist of closing the first well drilled in the country in 40 years, Cerro Padilla X-1, located in the department of Paysandú , which did not present satisfactory results at the commercialization level.
Also, Casey stressed that the well in Uruguay was "a great first step" for the oil company, since it is a "very risky" and "difficult" industrial sector, due to the low overall probability of success.
Casey said that it is still "too early" to know if Uruguay has hydrocarbon reserves of great commercial capacity, but he reinforced his company's commitment to convert the South American country into a regional hydrocarbons power.
He added that there are no reasons why Uruguay can not compete with large producers, such as neighboring Argentina, in the oil and gas market, as well as pleaded for the possibility of achieving self-sufficiency once they are definitively in place. reserves that exist in the country.
In this regard, he stressed that "the political and financial stability of Uruguay, the well-trained workforce, the solid legal system and the potential in geological exploration" make the country "a reliable destination" for the investments of the Australian company. , which also has operations in Canada.
PRL Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
