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2022New DealBruchou advised Vista in the acquisition of a 50% working interest in the Aguada Federal and Bandurria Norte concessions in Vaca Muerta

January 19, 2022

Bruchou advised Vista in the acquisition of a 50% working interest in the Aguada Federal and Bandurria Norte concessions in Vaca Muerta, becoming the operator and sole legal owner of the Concessions

Bruchou advised Vista Oil & Gas, S.A.B. de C.V. (“Vista” or the “Company”) in the acquisition (through its subsidiary Vista Oil & Gas Argentine S.A.U.) of 50% operated working interest in the Aguada Federal and Bandurria Norte concessions (the “Concessions”), located in the Vaca Muerta shale oil play, Argentina, from Wintershall DEA Argentina S.A. (the “Acquisition”).

As a consequence of the Acquisition, Vista became the sole legal owner of the Concessions. Through the Acquisition, Vista will acquire 25,231 net acres, increasing its total acreage in Vaca Muerta to 183,084 acres.  The Company has also added 150 new well locations to its Vaca Muerta portfolio, totaling up to 850 identified new well locations. Each of the Concessions has been awarded by the Province of Neuquén with unconventional exploitation concessions that expire in 2050, and has no remaining investment commitments. The final closing of the Acquisition will take place with the issuance by the Province of Neuquén of a Decree approving the transfer of the Concessions to Vista.

Under the terms of the transaction, Vista will pay a total amount of US$140,000,000. Additionally, the Acquisition will end Vista’s obligation to pay the US$77,000,000 carry consideration assumed by Vista on September 16, 2021, at the acquisition of the initial 50% participation in the Concessions.

Aguada Federal is located in the black oil window of Vaca Muerta. Since 2017, a total of 6 horizontal wells have been drilled in this concession, all of which proved hydrocarbon production. Total production in Q3 2021 was 718  barrels of oil equivalent per day. There were no proved reserves booked at year-end 2020. The Company estimates there are up to 150 new well locations (gross) to be drilled in this block.

Bandurria Norte is located in the volatile oil window of Vaca Muerta. Since 2017, a total of 4 horizontal wells have been drilled in this concession, all of which proved hydrocarbon production, prior to being shut-in in 2019. There were no proved reserves booked at year-end 2020. The Company estimates there are up to 150 new well locations (gross) to be drilled in this block.

Once again, Bruchou advised Vista in the acquisition of strategical assets for the development of its business in Argentina, covering all contractual, financial and regulatory matters in connection with the transaction.

 

Legal counsel to Vista Oil & Gas:

 

Bruchou, Fernández Madero & Lombardi through a corporate/M&A team led by partner Javier Rodríguez Galli and associates Nicolás Dulce, Hernán Alal, Franca Stafforini and Sofia Benegas Lynch, and a banking and finance team lead by partner José María Bazán and associate Ramón Augusto Poliche.

 

Vista Oil & Gas in-house counsel:

Florencia Hardoy and Rosario Manfrand.

 

Banking & Capital Markets

For more information contact:

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
(5411) 5171-2300
estudio@bruchou.com

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