PentaNova Energy Corp. (the “Company”) (TSXV: PNO), today signed the final agreement with Argentina’s National Oil Producer YPF (“YPF”) to farm in on 11% of the Llancanelo heavy oil field as previously announced in the press release on November 13, 2017. This agreement which is subject to standard regulatory approval takes PentaNova to a 50% working interest partnership in the field and is the result of a successful strategy to consolidate the position in the field by acquiring interest from three different parties.

As quoted in the press release:

“Acquiring our full 50% working interest in the Llancanelo field positions PentaNova to begin a partnership with YPF to rapidly develop this asset is an important step in PentaNova becoming a major oil producer.” said PentaNova Chairman and Executive Director Serafino Iacono. “By working with our partners YPF, we plan to take this field — already producing 1300 bbls/day — to its full potential and make Llancanelo the cornerstone of a heavy oil strategy in Argentina.”

Click here for the full text release

Source link