Argentina is heating up...aren't we in Argentina?There is more to the story of Estrella, we are not dead yet...
Today
(Reuters) - U.S. oil company Chevron Corp (CVX.N) signed an agreement with Argentina's YPF (YPFD.BA) on Tuesday to invest $1.24 billion in the Vaca Muerta shale oil and gas formation, thought to be one of the biggest reserves in the Western Hemisphere.
It is the first major investment announced in Argentina's petroleum sector since President Cristina Fernandez ordered the seizure of YPF from Repsol (REP.MC) in May 2012, claiming the Spanish group had not invested enough in Argentina.
The country is trying to reverse a long decline in natural gas and oil output that has hurt its trade surplus.
The two companies plan to drill 100 wells in an area of 20 square kilometers (5,000 acres), known as Loma La Lata Norte and Loma Campaña in an initial development phase, according to statements from YPF and Chevron.
Chevron said Loma La Lata field is now producing more than 10,000 barrels of oil-equivalent per day. A second phase of the development will require the drilling of 1,500 wells.
From May 31, 2013
Estrella International Energy Services Ltd. ("Estrella" or the "Company") (TSX VENTURE:EEN) announces that it has filed its Interim Condensed Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the three month period ended March 31, 2013. Copies of these documents can be found on the SEDAR website at www.sedar.com. In this press release, except for share amounts, all dollar amounts are in US$ '000 unless otherwise specified.
During the quarter ended March 31, 2013, the Company was able to deploy the upgraded 1000 HP rig 1002 in Colombia, identify new clients in the country and most notably deploy rigs 1201 and 551 onto multi-year contract with YPF in Argentina (Rig 551 initiated operations in April 2013). Rig 1201 is drilling non-conventional high pressure gas wells in the Neuquen basin, and was able to set a record for drilling into the deep Vaca Muerta formation in only its second well, drilling and cementing the well in less than 23 days. The Company exited the quarter at 51% average utilization. The Company has now 9 of 19 rigs on long term contracts giving a baseline utilization of 47%, and an additional three rigs working on shorter term contracts.