Oil & Gas - Argentina - YPF announces conventional find in Mendoza

By Business News Americas staff reporters

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Argentine oil company YPF has announced a new discovery of estimated prospective resources of 40Mb of conventional oil on the Chachahu?n block in Mendoza province, the company said in a filing sent to national securities regulator CNV.

Initial testing on Chachahu?n, located in the Neuqu?n basin, has yielded flows of between 200b/d and 315b/d of 24 degree API oil.

The company has drilled three exploratory wells on the block and will complete a further five towards the southeast of the block, in order to delineate the productive zone.

Following this action YPF hopes to convert the find into a proven resource under the formal criteria measured by the CNV and US securities regulator SEC.

YPF operates on the block via a JV in which it holds a 70% interest, while local companies Ketsal and Kilwer hold 10% each, and provincial company Energ?a Mendocina the remaining 10%.

YPF is a subsidiary of Spain's Repsol (NYSE: REP).

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Source: http://www.bnamericas.com/news/oilandgas/ypf-announces-conventional-find-in-mendoza

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