PentaNova Energy Corp., Vancouver, BC, has agreed to make acquisitions that will increase its working interest to 50% in Llancanelo heavy-oil field in Argentina and allow work to begin on a joint development plan with YPF SA, Buenos Aires.
The agreements include a farmin for 11% from YPF, the operator.
PentaNova holds a 29% working interest through Alianza Petrolera, a wholly owned subsidiary, and is completing another acquisition for an additional 10%.
The farm-in terms with YPF include an initial period of up to 6 months during which the partners are to complete planning and evaluation for full field development.
Llancanelo, in the northern Nequen basin 37 km southeast of Melargue, produced an average of 1,277 boe/d during September from conventional, cold-flow horizontal wells. The oil is 12° gravity.
YPF discovered the field in 1937 and drilled 13 deviated wells into a large heavy-oil deposit in 2016.
PentaNova said the partners plan to move a coil-tubing unit to the field next year for workovers and testing.
