Vaca Muerta Strategic Investment
Vaca Muerta Shale Oil Opportunity (1/2)
Favorable combination of value drivers
50,000+ Net Prime Acres
Core Location in Shale Oil Window
Pan American op
NENERGY
wintershall
GyP
YPF
PETRONAS
VISTAQIL & GAS
Schlumberger
YeF
Chevron
Prospective Area
Bajada de Palo
VISTAQIL & GAS
25
Coirón Amargo
Sur Oeste
Potential Best-in-Class Resource Properties (1)
Ready for Full Scale Development
■ Completed pilots and ongoing development in adjacent blocks mitigate risk
■ Production performance in neighboring blocks supports Vista's type curve (2)
■ Operated infrastructure in place with spare capacity for initial development phase
■
Full discretion and flexibility on timing of Bajada del Palo development (90% of net
acreage)
■ Top-notch operating partner in Coirón Amargo Sur Oeste (Shell), with significant Vaca
Muerta experience (10% of net acreage)
With the Most Experienced Management Team in Developing Vaca Muerta
Drilled 500 wells across play (~70% of Vaca Muerta activity to date) (1)
Delivered 47% well cost reduction
Reached 50K boe/d, from zero(1)
✓ In-depth technical knowledge
And Access to Riverstone's North America Shale Expertise
Active in all major shale basins
~3.1 MM acres and ~300K boe/d(3)
Bajada del
Palo Core
Permian
(Wolfcamp)
Eagle Ford
TOC (%)
4.2
5.5
4.5
Leading E&P industry CEOs including Mark Papa and Jim Hackett
Thickness (m)
Pressure (psi/ft)
250
172
41
0.90
0.48
0.80
Target single well IRR > 75% (4) and target break-even price (5) of $35/bbl
(1)
Based on Company estimates and Ministerio de Energía y Minería (Presidencia de la Nación) and the EIA
(2) Based on independent third party analysis on Company's acreage made by WDVG - Petroleum Engineering Laboratories.
(3)
Aggregate position including current and past investments.
(4) Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards; realized gas price of $4.6/mmbtu flat in real terms.
(5) Based on a discounted cash flow project level valuation assuming $35/bbl flat in real terms and realized gas price of $4.6/mmbtu flat in real terms, and a 10% discount rate.
Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements."
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