YPF Presents Work Plan for Tamberias Block

The Argentine YPF subsidiary of Spanish oil major Repsol YPF (NYSE: REP) has presented its work program for the Tamberias area in Argentina's San Juan province, the provincial government said in a statement.

YPF was the sole bidder in the tender for the high-risk area in 2006, offering US$6.12mn for exploration of the block over six years.

YPF has agreed to invest some US$1.3mn in the first three-year exploratory period.

The period entails the following: acquiring new seismic data; performing magnetometry and gravimetric works; processing existing seismic data; and training personnel.

YPF aims to begin acquiring the 250km 2D seismic in the first quarter of 2008, San Juan energy resources department engineer Luis Archillo told BNamericas.

The second exploratory period has a two-year term and includes drilling an exploratory well. YPF has agreed to invest more than US$3mn in the period, Archillo said.

The third one-year period calls for drilling another well and acquiring 3D seismic data.

Each of the three periods can be extended by one year at the company's request.

YPF first searched for oil on the 3,825 sq km block in 1981 with 325km of 2D seismic and another company conducted 384km of 2D seismic in 1990, BNamericas previously reported.

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