Americas Petrogas Finds Conventional Oil In Argentina
September 12 2011 - 11:01AM
Dow Jones News
Canada's Americas Petrogas Inc. (APEOF, BOE.V) said Monday it
has discovered sweet light crude oil in the province of Neuquen in
southern Argentina.
The company found 1,023 barrels of oil equivalent in the first
of three exploration wells it is working on in the Rinconada Norte
block in the Neuquen Basin.
The conventional oil was discovered in a joint venture with Gran
Tierra Energy Inc. (GTE.T, GTE), Americas Petrogas said in a
statement. Gran Tierra has a 35% participation in the project while
the remainder belongs to Americas Petrogas.
"We are very excited about this new find on the first well of
this three-well exploratory drilling program because of the strong
production rates and possibility of significant commercial
reserves. We are also optimistic about the prospects for the
remaining two wells," Guimar Vaca Coca, managing director of
Americas Petrogas Argentina, said in a statement.
Last month, Americas Petrogas said Exxon Mobil Corp. (XOM) has
agreed to invest as much as $76.3 million to jointly explore for
unconventional oil and gas in Neuquen.
Exxon will invest $53.9 million for exploration and $22.4
million if the companies proceed to the exploitation phase.
In exchange, Exxon gets a 45% stake in the project, with
Americas Petrogas retaining 45% and the provincial oil and gas
company, Gas y Petroleo del Neuquen, 10%.
Americas Petrogas shares traded on the Toronto Stock Exchange
were up almost 3.9% at $1.88 Canadian dollars ($1.88), but still
down from their 52-week high of C$2.99.
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728;
taos.turner@dowjones.com
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