Crown Point Energy Inc., Calgary, finalized an agreement with Petrolera El Trébol to increase its stake in three natural gas areas in southern Argentina. Through subsidiary Crown Point Energía SA, the company will acquire an additional 16.9972% interest in the Río Cullen, Las Violetas, and La Angostura hydrocarbon concessions, bringing its total stake to 51.7321%.
Within the concessions, which lie in the southern region of the Austral basin on the island of Tierra del Fuego, cover 489,000 acres and contain infrastructure that supports the collection, processing, and transportation of natural gas to markets on the island and the mainland.
The Austral basin, primarily known for its offshore gas contributions, is a key component of Argentina's energy matrix.
With this acquisition, Crown Point will increase its production in Tierra del Fuego to 1,074 boe/d (32% crude oil and liquids, 68% natural gas). Proven reserves will also increase.
Crown Point focuses its activities in Neuquén basin, where it operates 100% of Cerro de los Leones in Mendoza, in Cuyana basin with a 50% stake in Chañares Herrados, and in Austral basin.