Vista Oil & Gas, the first Mexican pure E&P listed company in the Mexican Stock Exchange, has announced that it has agreed to acquire a fully operational oil & gas platform from Pampa Energía S.A. and Pluspetrol Resources Corporation with interests in certain exploitation concessions, assessment blocks and exploration permits in Argentina in a deal worth $700 million.
Most of the acquired assets are located in the Neuquina basin.
When the transaction is completed, Vista will become the fifth largest oil producer and operator in Argentina, according to the latest available information published by the Argentine Ministry of Energy and Mining.
Miguel Galuccio, Chairman and CEO of Vista (and formerly of YPF), said that “with this transaction, we found the right balance of current profitable production and reserves coupled with high-growth potential in Vaca Muerta, the most exciting emerging shale play globally – perfectly aligned with our vision. The platform and timing could not be better suited to start delivering on our plan of becoming the leading Latin American independent oil and gas company.”
Highlights of the Transaction include:
- proved reserves of 55.7 MMBoe (based on information as of December 31, 2016)
- average daily production of 27,472 boed (based on information for the first nine months of 2017)
- in excess of 137,000 acres in the Vaca Muerta unconventional play, including 54,000 acres in the core of Vaca Muerta’s shale oil window that are ready for full scale development
- 2017 estimated pro-forma EBITDA of US$182 million