YPF SA to acquire Apache stock in Argentina

Tuesday, 11 Feb 2014 07:00pm EST 

YPF SA:Says the company and YPF Europe BV accepted an offer made by Apache Overseas lnc. and Apache International Finance II SarI for the acquisition of 100 pct of Apache‚Äôs stake in foreign companies that control Argentine companies which are the owners of assets located in the Argentine Republic.Says, as a result, YPF, together with YPF Europe, will acquire control of all of the assets of the Apache Group in Argentina.Says the price for the transaction, as agreed upon by the parties, is $800,000,000 plus working capital and minus adjustments that may be produced at the time of closing due to activities outside the ordinary course of business.Says payment of that amount will be effectuated with an initial deposit of $50,000,000 and settlement of the remaining balance within the next 30 days.Says the primary assets included in this transaction, located in the provinces of Neuquen, Tierra del Fuego and Rio Negro, produce a total of 46,800 barrels equivalent of oil per day.Says certain assets have potential for exploration and development in the Vaca Muerta Formation.Says, as a result of the transaction, YPF will acquire a 100 pct stake in Apache Canada Argentina Investment SarI and a 100 pct stake in Apache Canada Argentina Holdings SarI.Says YPF will acquire a 100 pct stake in Apache Argentina Corporation, and a 34.72 pct stake in Apache Petrolera Argentina SA. 

Company Quote

0.03 +0.09%
24 Oct 2014