Trefoil Acquires Licenses in Mendoza

Trefoil Limited said that it has acquired two new exploitation licenses in Argentina’s Mendoza province. On Friday 18th of August Petrobras Energia accepted the terms of the Company’s binding offers for the Refugio Tupungato and the Atamisqui oil fields. Final closing is subject to customary due diligence, negotiation and execution of a final sales and purchase agreement and corporate approval.

Refugio Tupungato

This field, covering a surface of 27 Km2, has 105 wells drilled which accumulated 66 million barrels of production. It is currently producing 1,100 BOPD with certified remaining oil reserves of 3.9 MMBbls proved and 1.3 MMBbls probable reserves.

Atamisqui

Covering 436 Km2, the field has 57 wells drilled which accumulated 8.7 MMBbls of production. It’s current production is very stable at 400 BOPD with certified remaining oil reserves of 1.1 MMBbls proved and 2.6 MMBbls probable reserves. Being adjacent to the Company’s recent oil discovery in Puesto Pozo Cercado this field represents a unique opportunity for low risk exploration.

The price offered for both licenses represents 4.8 u$s/Bbl for 2P reserves or 8.5 u$s/BBl of proved reserves of crude oil.

Trefoil’s CEO, José Astolfi, commented "These acquisitions are paramount to the company’s growth strategy. The consolidation of six licenses, namely Puesto Rojas, Cerro Mollar Oeste, Atamisqui, Refugio Tupungato -100% owned and operated by Trefoil- and the joint ventured Chañares Herrados and Puesto Pozo Cercado -where we have just made a material oil discovery in well PPC-1002x- add up to a net production of approximately 4,300 BOPD and a mid sized reserves base."

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