Enap has sold its Argentine assets to Xtellus Partners for approximately USD 41.43 million while maintaining a commercial presence through strategic oil procurement from the Vaca Muerta formation.

Target Company Overview

Enap, a key player in the energy sector, has announced the sale of its assets in Argentina to a company controlled by Xtellus Partners, a financial group based in New York that specializes in asset management. This strategic decision reflects Enap's commitment to optimizing its operations while maintaining a significant presence in the Argentine market.

The deal, initially valued at USD 41,429,253, is subject to various procedural requirements, adjustments, and contractual conditions, including approvals from relevant authorities in both Argentina and Chile.

Industry Overview in Argentina

Argentina's energy sector has been experiencing noteworthy developments, particularly due to the discovery and exploitation of the Vaca Muerta formation, one of the largest unconventional oil