According to a media statement released by Petrel Energy Tuesday, "20 potential leads [have been] identified ranging from 2 to 241 MMBBL [million barrels]" in the Salto and Piedra Sola exploration blocks.
The statement adds that Netherland, Sewell and Associates Inc. (NSAI) came up with independent estimates at the end of last year, which indicate that the Salto and Piedra Sola concessions could hold between 133 and 902 MMBBL of oil.
According to Managing Director of Petrel, David Casey, the prospective resource estimate is a promising one.
"Yet again results have exceeded our expectations with the seismic identifying multiple new large conventional targets and significantly many at relatively shallow depths," Casey said as quoted by the Petrel statement.
Casey added that Petrel will now be looking for potential partners to assist with the next stage of exploration of the active and previously unknown hydrocarbon system in Uruguay.
