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PentaNova Energy and YPF Sign Final Agreement to Jointly Develop One of Argentina's Largest Heavy Oil Fields
PentaNova Energy and YPF Sign Final Agreement to Jointly Develop One of Argentina's Larges...
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[{"type":"text","content":"\n\n\n\nPentaNova Energy and YPF Sign Final Agreement to Jointly Develop One of Argentina's Largest Heavy Oil Fields\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 23, 2017\n\n\n\nField Already Producing Approximately 1,300 bbls/day\n\n\n\nVANCOUVER, Nov. 23, 2017 /CNW/ - 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.\n\nThe Llancanelo area is located to the north of the Neuquén Basin, in a basin-edge position in the province of Mendoza, 37 km southeast of the city of Malargüe. It is located between the main producing areas of the Neuquén basin and the 106,000 bbls/day processing capacity Lujan de Cuyo refinery, which is immediately south of Mendoza city. The field is close to existing road, pipeline and airport infrastructure.\n\nThe Llancanelo field was discovered by YPF in 1937 after drilling two exploratory wells that tested oil in the Tertiary levels. In the 1980's Union oil completed a successful steam injection pilot program before abandoning the efforts due to low oil prices. The fields potential was first fully recognized when horizontal wells were shown to be more productive, and provided the current profile of cold flowing, very low water cut 11-14 api crude that is the hallmark of Llancanelo today. In 2016, a development campaign of horizontal wells were drilled into the large heavy oil body. YPF entered a phase of evaluation and planning after drilling these wells, and during the month of September 1277 boepd conventional cold flow horizontal wells.\n\n\"Acquiring our full 50% working interest in the Llanc...