raking in the cash from the incautious based on the knowledge of this action on the west side of the Falklands.
Malvinas Basin is west of Falklands area
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Press fan in the flames with talkings of Argentineans feathers ruffled and the case for cashing in on those 3 minnows is there...
Why You Should Buy Falkland Island Oil Shares.
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Here is the real deal:
Brazil's Petrobras, UK's Pan American & Repsol YPF Drill For Argentina Oil
Three different exploration accords, including a joint British, Argentine and Brazilian effort in Malvinas Basin, near Falklands.
BUENOS AIRES -- Brazilian energy giant Petrobras, Spain's Repsol YPF and Anglo-Argentine Pan American Energy have signed accords for joint offshore exploratory studies in the South Atlantic.
One of the agreements established a company in which Petrobras Energia, the Argentine unit of the Brazilian group, has a 33 percent stake; and the remainder is held by Repsol YPF's Argentine subsidiary, YPF, which will be the operator for the exploration activities in the San Jorge Basin and the Argentine Sea.
Exploration will begin in the CGSJ Marina 01 Block, which is 30 kilometers (18.5 miles) off the coast of the southern Argentine city of Comodoro Rivadavia and covers a 1,320-square-kilometer (510-square-mile) area of the Argentine Sea, Petrobras said in a statement.
"The (exploratory) drilling should be carried out at an average depth of 100 meters (328 feet). Four wells are to be drilled in 2008-2009 at an approximate total cost of $120 million," the Brazilian company said.
Another accord was signed by Petrobras Energia, YPF and Pan American Energy (controlled by Britain's BP Plc) for the offshore exploration and eventual joint development of blocks CAA-40 and CAA-46, located in the Malvinas Basin, some 200 kilometers (124 miles) from Tierra del Fuego island.
A total of 67 percent of the association is controlled by YPF and Pan American Energy in equal parts, while the remaining 33 percent is in the hands of Petrobras Energia.
"Between 2009 and 2010 the plan is to drill two exploratory wells with an estimated investment of $100 million ... in waters with an average depth of 500 meters (1,640 feet)," the companies said.
In the event the exploratory phase is a success, "it is estimated that significant investment will be made to develop these maritime reserves," they added.
The third accord, signed by YPF, Petrobras Brasil and Petrobras Energia, calls for joint offshore exploration in a maritime zone that stretches from an area south of the Brazilian city of Porto Alegre to another that is located to the south of Tierra del Fuego.
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