Oil & Gas JV update
Published Tuesday 26th, February 2008.
Article Category: Announcements
SummaryAndes has received notification that the shareholders of Patagonia Oil & Gas S.A. have entered into a funding agreement which could be worth up to $94.5 million
Funding agreement between Patagonia and PetroSaudi worth up to $94.5 million.
The cash injection will aid the development of the seven licence blocks in which Andes has a 20 per cent carried interest and a 3 per cent working interest and a 20 per cent royalty interest.
Six of the licence blocks are located in the same basin where Pan American Energy, recently announced a discovery of 100 million barrels of new reserves.
Please see attached document for further information.