Crown Point Energy, through its subsidiary Crown Point Energia, has signed agreements to acquire a 95% operated interest in the El Tordillo, La Tapera and Puesto Quiroga hydrocarbon exploitation concessions (Chubut concessions) in Argentina.
The company will purchase the Chubut concessions and related infrastructure from Tecpetrol, YPF and Pampa Energía.
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The Chubut concessions, located approximately 40km west of Comodoro Rivadavia in the Golfo San Jorge basin, span a total of 113,325 acres.
These concessions currently produce an average of 5,449 barrels of oil equivalent per day, which includes 4,252 barrels per day of light and medium crude oil and 7,179 cubic metres per day of natural gas.
In addition to the concessions, Crown Point will acquire a 4.2% stake in Terminales Marítimas Patagónicas, the operator of an offshore loading facility that is vital for transporting crude oil from the Chubut concessions to domestic and export markets.
The base purchase price set by Crown Point for these assets is approximately $57.9m (C$79.27m) in cash, with additional contingent consideration of up to $3.5m in cash, subject to standard closing adjustments.
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By GlobalDataThe transactions with Tecpetrol and YPF are expected to conclude in the third quarter of 2025 (Q3 2025), while the acquisition from Pampa is expected to close in June 2025.
Crown Point, a Canada-incorporated oil and gas company based in Buenos Aires, trades on the TSX Venture Exchange and operates in Argentina.
It focuses on exploration and development in Argentina’s four key basins – Golfo San Jorge, Austral, Neuquén and Cuyo – across the Santa Cruz, Tierra del Fuego and Mendoza provinces.
