Pérez Alati, Grondona, Benites & Arntsen has helped UK oil and gas company Phoenix Global Resources spend some US$100 million to expand its presence in Vaca Muerta in the latest deal targeting the lucrative Argentine shale gas play.
Phoenix made the expansion in two parts. The company first increased its stake in the Mata Mora and Corralera blocks, located in the Vaca Muerta shale play in the western province of Neuquén from 27% to 90%. Phoenix made the deal with state-owned oil and gas companies Gas y Petróleo de Neuquén (GyP) and YPF, leaving GyP with the remaining 10%. YPF exits the blocks completely.
The deal’s second part saw Phoenix win four new exploration blocks in Neuquén’s latest bidding round. One block is in Vaca Muerta, whereas the other three are located in other parts of the province.
Both GyP and YPF relied on in-house counsel. The deals closed on 30 April.
The expansion increases Phoenix acreage in Vaca Muerta by 14.5%. This means the company now holds 7.5% of the shale play’s total acreage.
Vaca Muerta has the world’s second largest shale gas deposit after Eagle Ford in the state of Texas in the US. Several other companies have been increasing their presence in the area, including Mexican energy investment company Vista Oil & Gas, which acquired assets for US$700 million in February.
Phoenix is headquartered in London and is listed on the London and Buenos Aires Stock Exchanges. It primarily holds assets in Argentina.
Counsel to Phoenix Global Resources:
In-house counsel - Alex Maculus
Pérez Alati, Grondona, Benites & Arntsen
Partners Alan Arntsen, Francisco Javier Romano and Vanina Veiga, and associates Ignacio Payarola, Bárbara Santori and Lourdes Arias
Counsel to Gas y Petróleo Neuquén:
In-house counsel – Valeria Pelletieri
Counsel to YPF:
In-house counsel – Tomas Chevallier Boutell and Mariana Labombarda
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