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Petrel excited following boosted Uruguay reserve assesment

13th January 2015

Petrel Energy, a 51 per cent shareholder of Schuepbach Energy International LLC (SEI), has announced the first independent Prospective Resource certification for the Salto and Piedra Sola concessions in the Norte Basin Uruguay

Petrel Energy, a 51 per cent shareholder of Schuepbach Energy International LLC (SEI), has announced the first independent Prospective Resource certification for the Salto and Piedra Sola concessions in the Norte Basin Uruguay
The independent certification by NSAI is primarily based on analysis and interpretation of data from the recently completed 597 kilometre 2D seismic acquisition programme across the Piedra Sola and Salto exploration blocks

Netherland, Sewell and Associates, Inc. (NSAI) have independently estimated an unrisked gross Prospective Resource in the Salto and Piedra Sola concessions of up to 1,768 mmbbl (up to 902 mmbbl to Petrel’s net 51 per cent interest).

“The Prospective Resource estimate provides a new and significant insight into the emerging conventional potential of the Salto and Piedra Sola concessions,” said David Casey, managing director of Petrel.

“It is a very exciting and potentially conservative outcome as it obviously cannot take into account areas not covered by seismic, or the upside of a Devonian unconventional play that has the potential to be significant in its own right.”

The independent certification by NSAI is primarily based on analysis and interpretation of data from the recently completed 597 kilometre 2D seismic acquisition programme across the Piedra Sola and Salto exploration blocks, and comprises 20 conventional structural leads ranging from around 2 to 241 mmbbl (P50 - Unrisked Gross Prospective Resource) in size.

“Yet again results have exceeded our expectations with the seismic identifying multiple new large conventional targets and significantly many at relatively shallow depths,” Casey added. “Given the obvious success of the seismic and corehole programmes which have confirmed an active and previously unknown hydrocarbon system with conventional and unconventional resource potential, SEI is in an ideal position to begin to consider potential partners to assist with the next stage of exploration and appraisal of Uruguay’s largest onshore concession.”

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