Schuepbach Energy LLC, Dallas, will shoot 2D seismic surveys and drill research wells in two areas of Uruguay under production sharing contracts signed Feb. 10 with state-owned ANCAP.
The work, under a 3-year exploratory period, is estimated to cost $10 million, according to ANCAP.
In two voluntary subsequent periods, Schuepbach could drill two exploratory wells each before returning half the acreage to ANPAC.
On contract area covers 10,000 sq km in Tacuarembo, Paysandu, and Durazmo provinces. The other covers 4,000 sq km in Salto Province.
Contract terms are 30 years, extendible by 10 years, with 25 years for development and production.
On its web site, Schuepbach says it has been active in Uruguay since 2009 with licenses totaling 2.4 million acres.