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Petrobras Argentina discloses oil and gas discovery in Santa Cruz

Petrobras Argentina disclosed in a regulatory filing the discovery of a new oil and gas field in Estancia Agua Fresca concession area, located in the province of Santa Cruz. Preliminary test results indicate the presence of gas and 52° API oil, with estimated reserves of approximately 6M barrels of oil equivalent. La Cancha is the second discovery within the concession area which also includes the Agua Fresca field, with a current daily production of 473 cubic meters of oil and 90 thousand cubic meters of gas. Petrobras Argentina is the operator of the consortium for the exploitation of the newly discovered field, which consortium is also composed of Compañía General de Combustibles S.A., both companies holding a 50% interest each.