Petrel is drilling four conventional wells in Norte Basin targeting multiple and different objectives within and across each well. The first well recovered first oil to surface in Uruguay. The programme not only seeks to confirm the quality and extent of source rock and conventional reservoirs but also test the validity of AVO (gas target) anomalies identified on seismic. If successful the programme will add great value to shareholders and could make Uruguay energy self-sufficient reducing Uruguay's trade deficit by $1Bp.a

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Petrel has Partnered with Prospex Oil & Gas Plc, selling up to 49.9% of the project to fund the 3.8m work program.

Prospex is an experienced European focused oil and gas player with a growing portfolio of interests and a presence in Spain, they have had success with smaller fore-deep plays elsewhere in Europe.

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North Perth Basin

Petrel extended its Call Option Deed on exploration permit application STP-EPA-012, in the north Perth Basin Western Australia to April 2019. 

STP-EPA-0127 which on final grant will be 2.2m acres (8,700 square kms) will be the largest of the exploration permits in the Perth Basin. It is 130 km north of the AWE - Beach Perth Basin Waitsia  play which has re-invigorated Perth Basin exploration and development, and is the largest onshore conventional gas discovery in Australia for the last 40 years. AWE Limited recently recommended a takeover from Mitsui & Co valuing AWE at $602m based largely on its 50% interest in the Waitsia gas project in the Perth Basin. 

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