Vista Energy Argentina, a subsidiary of Vista Energy, has acquired all capital stock of Petronas E&P Argentina (PEPASA), which possessed a 50% working interest in the La Amarga Chica unconventional concession (LACh) in Vaca Muerta, Argentina.
The stocks were acquired from Petronas Carigali Canada and Petronas Carigali International.
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The transaction involved a payment of $900m (17.91bn pesos) in cash, $300m in deferred cash payments, and the issuance of 7,297,507 American Depositary Shares (ADSs) – representing Vista’s series A shares – to Petronas Carigali Canada and Petronas Carigali International.
These ADSs are subject to lock-up restrictions, with half becoming free on 15 October 2025 and the remainder on 15 April 2026.
LACh, which spans more than 46,594 acres within the oil-rich Vaca Muerta shale formation, had 247 producing wells as of 31 December 2024.
The concession is estimated to hold 280 million barrels of oil equivalent (mboe) in P1 reserves, as reported by the Argentine Secretary of Energy at the end of 2023.
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By GlobalDataIn the final quarter of 2024, LACh’s production reached 79,543 barrels of oil equivalent per day at full working interest, with oil accounting for 71,471 barrels per day.
Vista Energy predicts that LACh could potentially support 400 new drilling sites, expanding its development inventory.
The remaining 50% interest in LACh is retained by YPF, which also serves as the operator of the concession.
Vista Energy chairman and CEO Miguel Galuccio commented: “With this acquisition we gain significant scale in Vaca Muerta with a premium block that has growing production and low operating costs, enabling the acceleration of our long-term plan and strengthening our free-cash flow profile.
“The acquisition both increases our profitability and enhances our portfolio of ready-to-drill locations in the core area of Vaca Muerta.
“Importantly, in the current global macro and oil price environment we are consolidating a high-margin, low-breakeven asset, with strong synergies with our ongoing operation, reflecting our constructive long-term view on crude oil demand and supply dynamics. I firmly believe this represents a unique opportunity to create long-term value for our shareholders.”
