Let's not forget Argentina could become very signi AEN has approx. 1,500 boed from its 25% southern Argentina property, that is low margin, but still generates a few millions of free cash flow per year that they can invest in their new property to the north, in the Neuquen basin. Many Canadian juniors have doubled in price in the last three months or so that invest in that basin (BOE; MVN; CWV etc). The play is becoming more hot by the day and AEN has one of the best properties.
AEN is the operator and 50.1% owner with CWV in a huge prospective piece of land. Here is a two para quote from Schaefer from Oct 2011 (talking about CWV our junior partner) that is worth remembering again:
"Cerro Los Leones is a large 307,000 acre exploration concession in the Northern portion of the Neuquén Basin where the company holds 49.9% in working interest. This is an oily area surrounded by several producing fields such as Cerro Fortuna (current production 4,675 bod) and Valle de Rio Grande (current production 5,000 bod)
This block presents an excellent growth opportunity with low to medium risk for multi-zone exploration and exploitation. Wells in adjacent fields initially produce at 400-800 boe/d with around 750,000 boe in recoverable reserves. The company plans on drilling 2-4 exploration wells by the end of the year following the completion of a 2D and 3D seismic program."
Currently all the focus on AEN is on the North Sea. I would not be surprised if in a year's time half the focus will be on the Neuwuen basin. AEN is currently tremendously under valued, with zero value assigned by the market to its huge holdings in the Neuquen basin.