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Madalena Farms-Out Vaca Muerta Project To Pan American Energy LLC
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Madalena Energy Inc. has entered into agreements with Pan American Energy LLC, Sucursal Argentina relating to its 90% working interest in the Coiron Amargo Sur Este block.
Concurrent with this transaction, Madalena and PAE have entered into an agreement whereby PAE will provide a limited recourse loan to Madalena of up to $40 million, to be drawn-down as required to fund certain capital expenditures.
Transaction Highlights: Madalena will receive cash payments of an aggregate of $10 million by closing; Madalena will transfer a 55% WI and operatorship to PAE, retaining a 35% non-operated WI in CASE; A 2017 work program (Work Program) will be undertaken by PAE, with a net benefit to Madalena of $5.6 million; and Madalena to obtain a limited recourse loan of up to $40 million, to be…- ✓ Full news archive — U.S., Canada & international coverage
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