LatAm junior roundup: Uruguay, Cuba, Colombia, Argentina, Paraguay updates

Petrel Energy, through subsidiary Schuepbach Energy, spudded the Cerro Padilla-1 exploration well onshore Uruguay.

"The objective of Cerro Padilla-1 is to confirm the reservoir potential of the Tres Islas sand and Permian source rock at shallow depth," Petrel said in a statement Monday.

Cerro Padilla-1 is the first of four exploration wells that Petrel plans to drill across the Piedra Sola and Salto concessions.

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Melbana Energy plans to launch a two-well exploration drilling campaign onshore Cuba in the first half of 2018.

The Alamada and Zapato wells target un-risked, best estimate exploration potential of 130Mb and 71Mb of oil, respectively, according to a company statement.

This means that "success in just one of the wells would be a company maker for Melbana," CEO Peter Strickland said.

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Gran Tierra Energy said that oil production at the Acordionero field in Colombia's Middle Magdalena Valley basin has doubled to 9,460b/d in the nine months since Gran Tierra acquired the field.

"We believe we are on track to achieve our Acordionero Proved plus Probable production forecast of 15,000b/d by the end of 2018, and will start the planned water injection pilot to enhance oil recovery later this month," the company said in an update.

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President Energy is targeting oil production of 1,200b/d from Argentina by end-September.

The company's production in Argentina averaged 342b/d in 2016, up 26% year-on-year, President said in an update.

"In Argentina ... the macro business environment continues to strengthen and stabilize under the pro-business government of President Macri," the company said, adding, "President is well positioned to take advantage of opportunities to grow by way of acquisition of existing production and development assets - actively considering alternatives."

In Paraguay, President said it is seeking farm-out partners at the Pirity exploration license.