2. DIVERSIFIED BUSINESSES
2.3.2 Exploration in Onshore Uruguay
Current contracts
ANCAP - SCHUEPBACH ENERGY (SEU) contracts
SEU enforced its option to move on to the next exploratory period in the Salto and Piedra Sola blocks. In January, SEU presented a report on the "Estimate of Prospective Resources of Petroleum Not Originally Discovered on Site and Estimate of Unrisked Gross Prospective Resources as of December 31, 2014". Said estimates were carried out by Netherland Sewell & Associates Inc. in respect to 26 leads (exploratory situations) and a prospect defined from around 600 km of 2D seismic data, considering 62% petroleum and 38% gas. The study estimates unrisked gross prospective resources in the Salto and Piedra Sola areas of up to 910 million oil barrels and 3105 billion cubic feet of gas.
ANCAP - TOTAL contracts
The exploration operations in the B1 and B2 areas consisted of carrying out geological, geochemical and petro-physical studies on samples of wells drilled by ANCAP in Cuenca Norte, thermal modeling and the reprocessing and interpreting of the available seismic data for that area.
On November 30 TOTAL presented a note communicating its decision to terminate the contracts for the exploration and exploitation of the B1 and B2 areas ahead of time as of December 30, 2015.
