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Vista Oil & Gas Acquires Assets in Mexico

Source: www.gulfoilandgas.com 5/22/2018, Location: South America

Vista Oil & Gas, S.A.B. de C.V. (Vista) , the first oil and gas exploration and production company listed on the Mexican Stock Exchange, announced that it has celebrated a Joint Venture Agreement with Jaguar Exploracion y Produccion de Hidrocarburos S.A.P.I. de C.V. (Jaguar), a Mexican company established in 2014 by Grupo Topaz, regarding the contracts described below.

The Agreement was approved by Vista’s Board of Directors on May 10, 2018, and constitutes the first step of its “Regional Expansion Plan”.

Miguel Galuccio, Chairman and Chief Executive Officer of the Company, commented, “Mexico is core to our ambition of becoming the leading independent oil & gas company in Latin America. This is a first step as operators in the country, in assets that have an excellent development opportunity.”

Subject to the approval of Mexico’s National Hydrocarbons Commission, Vista will acquire 50% interest of the following three assets, in which Jaguar entered under license modality in Rounds 2.2 and 2.3:

- CS-01 (area of 95 km2 / 23,516 acres) and B-10 (area of 347 km2 / 85,827 acres), both to be operated by Vista
- TM-01 (area of 72 km2 / 17,888 acres) to be operated by Jaguar.

The three assets represent 1P reserves of 7.2 MMBoe net to Vista, based on an independent reserve report as of December 31, 2017; and currently produces an average daily production of 500 bbl/d.

In accordance to the Agreement, Vista will pay to Jaguar an amount of US$27,495,000 and U$S10,000,000 as non-refundable investment carry, additionally other contingent payments based on oil price and operational performance.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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