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Petrel Energy increases stake in Uruguay & Spain in deal with Schuepbach Energy
16 Dec 2013
- First US$5.5m SEI option exercised taking Petrel to 51%
- Second option extended from 30 April 2014 to 30 Sept 2014.
- Interest in Norte Basin Uruguay Project increased from 25% to 51%
- Interest in Tesorillo Project increased from ~22% to 43.35%
Australian-listed Petrel Energy has exercised its first option with Schuepbach Energy International (SEI) for US$5.5m increasing its interests in the Norte Basin Uruguay project from 25% to 51% and its interest in the Tesorillo Spain project from ~22% to 43.35%.
The funds will primarily be used to fund a seismic acquisition programme in the second quarter of 2014. Added to the very encouraging corehole results to date, the seismic will allow SEI to develop a better sense of the potential scope and scale of the project areas. Petrel and SEI have also agreed, following delays to the Uruguay drilling programme, to extend the expiry date of the second option to 30 September 2013. The exercise of the second option would increase Petrel’s interest in SEI from 51% to 60% at a cost of US$6m.
Managing Director, Mr David Casey, said 'The results and progress in both Uruguay and Spain have been highly encouraging and the prospect of increasing our interest in these two key projects is exciting. Given the additional value created during the year in both these assets we see this as a logical next step and we are grateful to SEI for resetting the second option date to allow acquisition and analysis of next years seismic programme in Uruguay.'
Source: Petrel Energy