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The new 35-year concession for unconventional hydrocarbon exploitation in the block was agreed to with an investment of US$520mn in the first five years of the pilot phase. The block covers the development of unconventional shale and tight gas in the Vaca Muerta and the Mulichinco formations, respectively.
According to a press release from Pampa, the block currently "produces natural gas from the Mulichinco formation (compact sands or tight gas), with 69 productive wells and 45 million cubic feet of daily net production."
As operator, Pampa holds a 45.6% stake, with Mobil Argentina and Total Austral holding a participation of 51% and 3.4%, respectively. Each firm in the consortium intends to invest the US$520mn according to their shareholding over the next five years.