Petro Andina Signs JV with Pampetrol for Neuquen Basin in Argentina
Petro Andina Resources has signed a joint venture agreement with Pampetrol S.A.P.E.M for the Gobernador Ayala I Exploration Concession (GA I Block) in the Neuquen Basin of Argentina.
The GA I Block comprises 293 square kilometres (72,400 acres) and is located adjacent to the northeast boundary of Petro Andina's operated CNQ-7/A acreage. The Company's land position along the northeast flank of the Neuquen Basin now totals 529,000 acres (net 297,000 acres).
Under terms of the joint venture agreement, Petro Andina will operate the GA I Block with a 50 percent working interest. Pampetrol will hold the remaining 50 percent. The Company will drill two exploratory wells at its sole expense during a six month period commencing December 5, 2007. The Company will then have a three month evaluation period during which it can elect to complete the earning of its interest by carrying out a work program.
Including the cost of the initial two wells, this work program is estimated to be approximately two million US dollars. Petro Andina will recover Pampetrol's share of the costs, including the exploration expense, out of production from the Block.
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension