The exploration license has been granted for six years.
Under the joint venture agreement, Andes SA holds a 60% economic interest, Kilwer has 20%, and Petrominera Chubut has a 20% carried interest.
The block covers an area of 4,538 km and is located in the North Western part of the Chubut Province lying in the homonymous basin.
Initial geochemical studies, surface data, and chronological data that indicate the presence of a petroleum system, explaining the origin of the oil springs.
Work program in the first three years includes collection of 3,000 geochemical samples, acquiring 50 km of 2D seismic, and reprocessing of a further 150 km of 2D.
The award brings Andes interests in Argentina to 11 licenses totaling more than 30,000 sq km, reports Hydroworld.com.
