Continental Sources has signed an asset sale and buy settlement with Pan American Power to amass non-operated pursuits in 4 blocks inside Argentina’s Vaca Muerta shale play, additional strengthening its footprint in one of many world’s most prolific unconventional basins.
The property are situated within the Neuquén basin and can stay operated by Pan American Power. Monetary phrases of the transaction weren’t disclosed.
The settlement builds on Continental’s latest enlargement efforts in Argentina. In November, the corporate signed a separate sale and buy settlement—topic to closing situations—to amass operated pursuits within the Los Toldos II Oeste block, signaling a broader technique to determine a long-term place in Vaca Muerta by each operated and non-operated investments.
“Vaca Muerta is without doubt one of the most compelling shale performs on the planet, and we’re thrilled to proceed to put money into Argentina and construct Continental’s place by this settlement with Pan American Power,” mentioned Doug Lawler, president and CEO of Continental Sources. He added that Pan American Power’s deep basin expertise creates alternatives for technical collaboration as improvement exercise advances.
Below the settlement, Continental’s non-operated place is predicted to help data sharing throughout subsurface characterization, improvement planning, completion design evolution, working practices and infrastructure improvement. The corporate mentioned this method will enable it to speed up basin studying whereas leveraging its in depth expertise in large-scale shale improvement in the USA.
Pan American Power CEO Marcos Bulgheroni described the transaction as a strategic step towards accelerating improvement of the property. “This relationship with one of many main impartial oil and fuel firms in the USA goals to advance the event of the 4 areas,” Bulgheroni mentioned, noting that Continental will contribute technical experience centered on de-risking and operational effectivity.
Continental mentioned the newest settlement aligns with its long-term worth technique of taking part in world-class unconventional sources globally whereas making use of confirmed shale improvement practices throughout a number of geographies.
“These latest transactions in Argentina strengthen Continental’s long-term worth technique,” Lawler mentioned. “We take a long-term view of useful resource improvement, no matter geography.”
