PETREL ENERGY PREPARES FOR DRILLING CAMPAIGN IN URUGUAY

March 17, 2017

Petrel Energy announced that the final fitout and inspections of the new rig in Colorado and trucking of the rig and considerable ancillary equipment to Houston Harbour has been completed. The rig which arrived on schedule at the port of Houston late last week is currently being loaded in Houston Harbour for imminent departure. The rig and ancillary equipment is scheduled to arrive in Montevideo in approximately 30 days. Additional updates will be provided upon arrival through to site preparations and spudding of the first well. Petrel’s overarching vision for Uruguay is to drill four wells as cheaply as possible and cover as much of the concession area as possible while targeting multiple and different conventional exploration objectives within and across each well.
In October 2012 Petrel acquired an interest in a large conventional and unconventional petroleum project in Uruguay. The project comprises two concessions, Piedra Sola and Salto, covering 14,000 sq km (3.5 million acres) which are held under separate production sharing contracts. (Source: Petrel Energy)