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Americas Petrogas Inc has announced it received an exploitation licence for an Argentinean asset. Indian Farmers Fertiliser Cooperative Ltd (IFFCO) has a 10 per cent stake in the Canadian exploration company.
The concession block (26,000 acres or 105 sq. km; 41 sections) is located in the eastern region of Argentina's Neuquen Basin.
This region of the basin contains conventional oil and gas. The exploitation licence was granted by the La Pampa province. A company communication to the TSX Venture Exchange said the exploration concession is for 25 years.
Americas Petrogas privately placed in February 30.57 lakh shares to Kisan International Trading FZE, a subsidiary of IFFCO, for which the Indian cooperative fertiliser outfit paid $10,699,500. Americas Petrogas has ExxonMobil and Apache as joint venture partners on various blocks in the shale oil and gas corridor in the Neuquen Basin. It has already struck oil and begun trial production in one of its licensed block of Medanito Sur concession in Neuquen.
Iffco's potash venture
IFFCO last month also signed an agreement for a joint venture with Canadian company GrowMax Agri Corp, a subsidiary of Americas Petrogas, for a 20 per cent stake in its potash project.
GrowMax owns concessions over potash deposits covering about 820 sq. km in its Bayovar project in Peru. IFFCO will have an offtake agreement for 50 per cent of potash to be produced from the Peru project.
>jayanta_mallick@thehindu.co.in
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