BUENOS AIRES, Aug. 1, 2017 /PRNewswire/ -- Pampa Energía
S.A. ('Pampa' or the 'Company'; NYSE: PAM; BCBA: PAMP) announces
that today YPF, the operator and licensee of Rincón del Mangrullo
block (the 'Block'), reached an agreement with the authorities of
Neuquén province to be granted an unconventional exploitation
concession (the 'Agreement'). The Block is currently jointly
developed with our oil and gas subsidiary Petrolera Pampa and
holding 50% stake for each company.
In the Agreement, Neuquén province grants a 35-year period
extension to the exploitation concession in exchange of a
US$150 million investment commitment
destined to an unconventional gas pilot program, which aims to
further develop Mulichinco formation (tight gas) and explore the
potential in Las Lajas (tight gas) and Vaca Muerta (shale gas)
formations. Pampa, through Petrolera Pampa, only participates in
the Block's tight gas development. Thus, 30% of the total amount
corresponds to its investment commitment.
It is worth to highlight that for the first time horizontal
wells will be drilled in the Block, a method that our partner YPF
has plenty of experience and was picked up from the operation of
other unconventional blocks in Neuquén.
The Rincón del Mangrullo block is located in the mid-east of
Neuquén province and accounts an area of 183 km2. Since
2013 YPF and Petrolera Pampa has been developing the block,
producing natural gas from Mulichinco formation as well as
exploring the potential in Las Lajas formation. Currently 116 wells
were drilled, producing 177 million cubic feet per day of
unconventional gas.
For further information, contact:
Gustavo Mariani –
Vice-President
Ricardo Torres –
Vice-President
Mariano Batistella –Planning,
Strategy and Affiliates Executive Director
Lida Wang – Investor
Relations Officer
Maipú 1, (C1084ABA), Buenos Aires,
Argentina
Phone: +54 (11) 4344 6000
http://www.pampaenergia.com/ir
investor@pampaenergia.com
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SOURCE Pampa Energia S.A.