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Pampa Energia SA Announces Joint Investment In New Wells Exploitation Between Its Subsidiary And Petrobras Argentina SA In Neuquen

Friday, 8 Feb 2013 03:23pm EST 

Pampa Energia SA (Pampa) announced that Petrobras Argentina SA (Petrobras) has accepted the business proposal from Pampa’s subsidiary Petrolera Pampa SA (PEPASA), to jointly invest in El Mangrullo field located in the province of Neuquen, aiming to achieve 400,000 cubic meters per day of production level (Plateau) for a period of four years. In accordance to the business proposal’s terms and conditions, PEPASA has committed to invest up to USD 22 million for the drilling of four wells to achieve the Plateau. In return, PEPASA will acquire 43% of the rights to have free disposal at wellhead and commercialize the hydrocarbons resulting from the committed investments. Moreover, in the event of demanding additional drilling of wells to maintain the total production during said period, PEPASA and Petrobras will pay the new wells costs proportionally to their corresponding participation. 

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