Quantcast

Pampa Energia to Enter into an Investment Agreement with YPF to Contribute to Ensure Natural Gas Supply to Central Termica Loma de La Lata

November 19, 2009

BUENOS AIRES, Argentina, Nov. 19 /PRNewswire-FirstCall/ — Pampa Energia
S.A. (NYSE: PAM; BASE: PAMP) (“Pampa”) announces that its subsidiary Petrolera
Pampa S.A. (“PEPASA”) has accepted an offer from YPF S.A. (“YPF”) to enter
into an investment agreement (the “Agreement”) regarding the exploitation
block known as “Rincon del Mangrullo” (the “Area”), which was formerly part of
the Neuquen Basin Area IX, located in the Province of Neuquen and over which
YPF holds an Exploitation Concession.

Subject to the fulfillment of certain conditions precedent and to the
terms and conditions of the Agreement, in due course PEPASA will carry out
investments in the Area up to a maximum of US$ 29,000,000 in exchange for the
cession by YPF of certain rights and obligations, including the right over 50%
of the hydrocarbon production obtained from the geological formations in the
Area subject to the Agreement.

In addition, and subject to certain additional investments, PEPASA will
have the option to acquire all or part of the natural gas production
corresponding to YPF in accordance to its percentage participation in the
Area.

One of Pampa’s objectives in connection with this Agreement is to
contribute to secure the supply of natural gas to Central Termica Loma de la
Lata (“CTLLL”). The fulfillment of the Agreement, and the potential exercise
of the option described above, could represent up to 11% of CTLLL’s natural
gas consumption.

    For further information, contact:
    Ricardo Torres - Chief Executive Officer
    Mariano Batistella - Investor Relations
    3302 Ortiz de Ocampo, Building #4
    (C1425DSR) Ciudad Autonoma de Buenos Aires, Argentina
    Phone: 5411 4809 9500

http://www.pampaenergia.com/ri

    investor@pampaenergia.com

SOURCE Pampa Energia S.A.


Source: newswire



comments powered by Disqus