Hughes & Hughes helps Australian set sights on Uruguay oil

Hughes & Hughes Abogados has helped Australia´s Petrel Energy invest in a petroleum exploration block in Uruguay, the latest company to join the hunt for oil in Uruguay.

SEI turned to Paul F. Arrighi Abogados on the deal that was announced at the end of October and is part of a wider transaction that gives Petrel, an Australian oil and gas resources exploration company, a 25 per cent stake in US rival Schuepbach Energy International (SEI).

Under the terms of the agreement, Petrel will invest US$2.5 million in 3.5 million acres of highly prospective petroleum exploration acreage in Uruguay as well as an 85 per cent stake in two gas exploration licences in Spain.

Uruguay´s natural resources have been arousing growing interest from international exploration companies in recent months, with the discovery of large oil fields in Brazil prompting the South American country to look for reserves of its own.