Argentina acquisitions finalised

MENDOZA, January 4, 2018 – Canada’s PentaNova Energy has completed the acquisition of Roch’s Sur Rio Deseado Este production and exploration assets in the San Jorge Gulf Basin, the company said in a statement on Wednesday.

The deal saw Roch transfer its 54.14% and 7.92% stakes in the production and exploration blocks, respectively, to PentaNova’s local subsidiary Alianza Petrolera. According to the statement, the production block’s output averages 60 bopd of heavy oil with an API gravity of 12-18 degrees.

The company also said that it was in the process of increasing its 39% stake in the Llanocanelo block. The Mendoza province is expected to transfer an additional 11% working interest to PentaNova. The company completed a workover in the block in November, raising production at the LLN2012 well from 35 bopd to 125 bopd. PentaNova is now preparing for a drilling campaign at Llanocanelo later this year.

“PentaNova believes production can be dramatically improved through the implementation of proven technologies to our existing and planned wells,” said company chairman Serafino Iacono. “Technology will be the key to unlocking the potential of the field and taking it from it’s relatively small production today of around 1,300 bopd to being a world-class producer.”

In a separate statement issued Wednesday, the UK’s Echo Energy announced that its shareholders had agreed to the company’s acquisition of Compañía General de Combustibles’ stakes in several Argentinian assets.

“Echo will acquire 50% working interests in each of the Fracción C, Fracción D and Laguna de los Capones concessions, and in the Tapi Aike exploration permit, each located in the Austral Basin of [the] Santa Cruz province onshore Argentina, and covering a total of 11,153 square kilometres,” the statement read.

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