Pampa Energia gains stake in Petrobras' El Mangrullo field in Neuquen, Argentina

Source: Pampa Energia

Pampa Energia S.A. (NYSE: PAM) reported the fulfillment of the conditions precedent for the investment agreement related to the El Mangrullo field, between Petrolera Pampa S.A., a subsidiary of Pampa, and Petrobras Argentina S.A. ((NYSE:PBRon December 9, 2010. 

Through the investment agreement, Pampa will acquire 43% of the rights to have free disposal at wellhead, commercialize and industrialize hydrocarbons from certain wells to be drilled in El Mangrullo field located in the province of Neuquen in Argentina. As a consideration for this acquisition, Pampa has committed to invest up to US $16 million on the drilling of those wells.

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