That is my point - there was no announcement and it is obviously price sensitive. Management should be investigated for failure to disclose (among other things).
There are plenty of Uruguayan media sources covering the issue (using google translate). I can not validate the reliability of the information but it is certainly better than SILENCE FROM OUR MANAGEMENT.
On Tuesday, August 7, the Ministry of Housing, Land Planning and Environment imposed a fine of US $ 50,000 for two verified mud spills in the departments of Paysandú and Salto when the company was looking for oil there.
On August 7 began a period of 10 days that the company has to pay the stipulated fine.
In June of last year, 125,000 liters of mud were spilled, which contained solvents and detergents, El País Raúl Viñas, of the Uruguay Sustainable movement, told El País. But it was also detected that in December of 2017 there was another spill of 220,000 liters in Cerro de Chaga, near the town of Palomas, in Salto.
Schuepbach Energy no longer looks for oil because it ran out of funds, which is why it did not complete its exploitation program.
Clarification: An earlier version of this note indicated by mistake that the fine had been imposed by the National Directorate of Mining and Energy, when in fact it was the Ministry of Housing, Territorial Planning and the Environment. In addition, it was said that the fine was for the first spill of June 2017, when in fact it was for both of them. To the readers and involved, the apologies of the case
The US oil company Schuepbach Energy, which had been conducting onshore exploration to detect the possible presence of tradable hydrocarbons in Uruguayan soil, was responsible for a new sludge spill in the area it operates in Salto. The Ministry of Housing, Territorial Planning and the Environment applied a fine of 1500 readjustable units, equivalent to US $ 50 thousand, which should be canceled before August 17. The leak occurred on December 9 of last year, and involved a loss of mud of 220 cubic meters, estimating that the infiltration could have a dispersion of 23 meters. The ministry's Environmental Impact Assessment Division, in a report completed on April 11, concluded that the company did not act quickly to minimize the impact of infiltration on geological formations. Within this framework, he asked for an independent evaluation to assess the infiltration of mud in Cerro de Chaga and its potential scope, at the risk of having the authorization withdrawn. Several social organizations had already denounced a long time ago what could happen. "The whole system is going behind," journalist specializing in environmental issues Víctor Bacchetta warned in Rompkbzas. He said that the first spill happened in June of last year, although the fact could only be discovered in January of this year, after the organizations managed to access the file. The National Directorate of the Environment, he said, arrived late. The company was sanctioned, but for not having notified of the failure. Pending the sanction, the organizations discovered that there was a new spill. Bacchetta considered that the fine applied by the Dinama is ridiculous, and it is unknown if it was canceled.
PRL Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
(20min delay)
