BUENOS AIRES, May 27, 2015 /PRNewswire/ -- Pampa Energia
S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP "Pampa" or the
"Company") informs that Petrolera Pampa and YPF S.A. ("YPF") signed
an addendum to the investment agreement dated November 6, 2013 (the "Agreement"), related to
the exploitation of Rincon del Mangrullo block (the "Block"), in
which both parties have agreed to amend certain terms and
conditions of the Agreement, mainly to add certain investments to
those already involved in the Block.
Thus, upon completion of certain conditions precedent and as of
January 1, 2015, the main amendments
to the Agreement are the following:
- The incorporation of other formations not included in the
former Agreement, being excluded Vaca Muerta and Quintuco
formations;
- Petrolera Pampa shall be entitled to the production of all
existing wells in the Block and must meet all investments in
surface facilities –estimated in US$75
million for the 2015-2016 period- as well as expenses
incurred in the Block's operation, all based on its ownership
stake;
- Petrolera Pampa will invest US$22.5
million for wells drilling in the Mulichinco formation
and/or additional surface investments for the 2016-2017 period.
Moreover, jointly with YPF, Petrolera Pampa agreed to expand the
2015 drilling plan at the Mulichinco formation for about
US$70 million.
- Petrolera Pampa will invest in exploratory wells at the Lajas
formation, which will involve an investment of US$34 million for the 2016-2017 period.
Since the entry into force of this addendum, it is estimated
that Petrolera Pampa will add approximately 300,000 m3 per day to
its average production in the Block, which will represent an
increase of over 35% of its current average production. Therefore,
the committed investment of Petrolera Pampa for the period
2014-2017 in the Block would exceed US$350
million.
For further information, contact:
Ricardo Torres -
Co-Chief Executive Officer
Gustavo Mariani -
Co-Chief Executive Officer
Mariano Batistella -
Special Projects Manager and Investor Relations Officer
Lida Wang - Special Projects
and Investor Relations Associate
3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autonoma de Buenos
Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
investor@pampaenergia.com
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SOURCE Pampa Energia S.A.