Vista Power S.A.B. de C.V. mentioned its subsidiary Vista Power Argentina S.A.U. has acquired 100% of the capital inventory of Petronas E&P Argentina S.A. (PEPASA), from Petronas Carigali Canada B.V. and Petronas Carigali Worldwide E&P B.V.
PEPASA holds a 50 p.c working curiosity within the La Amarga Chica unconventional concession (LACh) in Vaca Muerta, Argentina, Vista mentioned in a information launch.
The acquisition worth consists of $900 million in money, $300 million in deferred money funds and round 7.3 million American depositary shares (ADSs) representing Vista’s collection A shares, topic to lock-up restrictions that may expire with respect to 50% of the ADSs on October 15, and with respect to the remaining 50 p.c of the ADSs on April 15, 2026.
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The deferred money funds will probably be paid 50 p.c on April 15, 2029, and 50 p.c on April 15, 2030, with out accruing curiosity, Vista mentioned.
LACh spans throughout 46,594 acres within the black oil window of Vaca Muerta.
As of December 31, 2024, it had 247 wells in manufacturing, 280 million barrels of oil equal (MMboe) of P1 reserves, in keeping with the discharge.
Within the fourth quarter of 2024, LACh produced 79,543 barrels of oil equal per day (boepd) at 100% working curiosity, of which 71,471 barrels per day (bpd) had been oil, in keeping with the Argentine Secretary of Power.
Vista mentioned it estimates LACh might probably maintain 400 new nicely places to be drilled in its stock.
The remaining 50 p.c stake in LACh is held by Argentina’s state-owned YPF S.A., which is the operator of the concession. The LACh unconventional concession expires in December 2049.
“Important oil midstream capability is consolidated by way of the acquisition,” Vista mentioned, with PEPASA having roughly 57,000 bpd transportation capability and 48,000 bpd export dispatch capability in a number of key midstream initiatives.
Vista additionally famous that there are “working synergies based mostly on the proximity of LACh to Vista’s growth hub,” which might translate into potential financial savings associated to sharing floor amenities and optimizing nicely placement near the bounds between LACh and Vista’s growth hub.
In keeping with Vista, PEPASA has secured a complete of 36,140 bpd within the Oldelval pipelines consisting of open entry capability for 18,806 bpd and contracted transportation capability in Duplicar for 17,334 bpd; contracted transportation capability of 20,756 bpd within the Vaca Muerta Norte pipeline; and a complete export dispatch capability of 27,080 bpd within the OTE terminal.
Miguel Galuccio, Vista’s Chairman and CEO, mentioned, “With this acquisition, we achieve important scale in Vaca Muerta with a premium block that has rising manufacturing and low working prices, enabling the acceleration of our long-term plan and strengthening our free-cashflow profile. The acquisition each will increase our profitability and enhances our portfolio of ready-to-drill places within the core space of Vaca Muerta”.
“Importantly, within the present world macro and oil worth atmosphere we’re consolidating a high-margin, low-breakeven asset, with robust synergies with our ongoing operations, reflecting our constructive long-term view on crude oil demand and provide dynamics. I firmly imagine this represents a novel alternative to create long-term worth for our shareholders,” he added.
To contact the writer, e-mail rocky.teodoro@rigzone.com
