AMERICAS PETROGAS - Los Toldos II Block
| Name of Client | Americas Petrogas |
| Estimated Budget ($ US) | 2,300,000,000 |
| Facility Type | Oil & Gas Field |
| Sector | Oil |
| Status | EPC |
| Location | Neuquen |
| Last Updated | 26-07-2012 |
Project Status:
As of end August 2010, Americas Petrogas announced that it has commenced drilling the first of a 3 consecutive well exploration drilling program on its approximately 180 square kilometer or 44,000 acre Los Toldos II block.
The selected well locations are a result of API's recent 3D seismic acquisition and interpretation over the entire block. API's Los Toldos II is near several producing fields in the Neuquen Basin.
As of early June 2011, Americas Petrogas has entered into agreements with Ingenieria Alpa to acquire Alpa's 33% working interest in Los Toldos I, II, III and IV in the Neuquen province in Argentina.
The Company has agreed to pay a total of US$4.6 million in cash for the acquisitions. Closing of the transactions is subject to receipt of all necessary regulatory, board and other approvals and is scheduled to close in July 2011.
The Company intends to embark on a drilling program on these blocks in search of both conventional and unconventional hydrocarbons.
As of end August 2011, Americas Petrogas announced that it has, through its wholly-owned Argentina subsidiary, Americas Petrogas Argentina S.A., entered into a farm-out agreement (FOA) with ExxonMobil Exploration Argentina S.R.L., a wholly-owned subsidiary of Exxon Mobil Corporation for the exploration and potential exploitation of Americas Petrogas's Los Toldos blocks (163,500 gross acres or 255 sections or 660 square kilometers) located in Neuquen, Argentina.
The Los Toldos blocks are located in the western region of the Neuquen Basin and are in a favorable location relative to other recent discoveries of shale oil and shale gas in the Vaca Muerta formation.
Pursuant to the terms of the FOA, ExxonMobil has committed to fund US$53.9 million (including taxes) during the exploration phase with a further US$22.4 million (including taxes) if the parties proceed to the exploitation phase, for a total potential initial investment of US$76.3 million. This focus of exploration, exploitation and other related activities is expected to be directed towards the Los Toldos 1 and 2 blocks.
ExxonMobil will also provide technical assistance on the Los Toldos blocks. The FOA is subject to approval by G&P. (Topco)
Ministry Of Commerce Of China
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