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PETREL ENERGY LIMITED

ASX: PRL

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Petrel Energy Limited is an Australian-based petroleum exploration and development company with projects in the Spain, Uruguay and Canada.

Uruguay - Onshore Norte Basin

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. Petrel's initial entry was acquired by a US$2.5 million investment for 25% of Schuepbach Energy International LLC (SEI), a private US company, holding the Piedra Sola and Salto concessions and an 85% interest in two prospective gas licences in southern Spain. Petrel exercised an option to increase its SEI shareholding to 51% for US$5.5 million in December 2013. Petrel continues to hold an option to increase its SEI shareholding to 60% for an additional US$6 million.

Tesorillo / Ruedalabola Concessions, Cadiz Province

Petrel holds a 51% interest in Schuepbach Energy International LLC (SEI), a private US company which holds an 85% interest in two petroleum exploration licences in southern Spain. The licences, Tesorillo and Ruedalabola, cover 38,000 ha (94,000 acres). The 1956 well Almarchal -1 was drilled by the Spanish firm Valdebro and intersected a thick section of gas pay which upon testing flowed gas to surface. The well is located 3km from the North African Maghreb gas trunkline providing ready access to high priced European gas markets.

Tight Light Oil Production - Lochend Cardium, Alberta

In May 2013 Petrel entered the Cardium tight oil play with the acquisition of a 40% interest in 5,120 gross acres located in the Lochend area immediately west of Calgary. Petrel has joined a 40-60% joint venture with Bernum Petroleum Ltd, an experienced private local operator. The joint venture has secured up to 8 gross sections of land (3.2 net sections or 2,048 net acres) in the highly prospective southern extension of the play, one of which includes a recently completed horizontal well now producing oil (designated Well 16-19-25-3W5M).

Mine For

oil, gas

Location of operation(s)

Canada, Spain, Uruguay

Address

Level 3 10 Bridge Street
SYDNEY, 2000, NSW, AUSTRALIA

Phone

+61 2 9254 9000

Email

Website


Last Updated

25/3/2015

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.