The Cerro Padilla-1 is the first of four conventional exploration wells planned to be drilled by the partners on the concessions, which cover 3.5 million acres.
Drilled to a total depth (TD) of 845m, the well encountered significant oil shows with logging confirming 2m of oil saturated sand at 793m. The well is currently being completed for production testing.
Petrel has 51% stake in the exploration project, while Schuepbach Energy Uruguay owns the remaining 49% interest.
Petrel CEO David Casey said: “While further evaluation is required to understand the full potential of these excellent initial results, the significance of being the first group to discover oil in this frontier basin cannot be underestimated.
“Although only a modest discovery in its own right, and regardless of the results of production testing, when viewed in the context of what this could mean for the rest of the programme and the concessions as a whole, it represents a quantum first step in redefining the oil and potentially gas prospectivity of the Notre Basin.”
The partners are planning to complete the four-well conventional program to address multiple wells different targets, and significant conventional potential with very material upside. It will also determine oil and gas targets.
