$YPF Argentina's state-run YPF (YPF -1%) says it finalized a deal with Statoil (STO -0.9%) to jointly explore and develop a block targeting the country's giant Vaca Muerta shale play.
STO will take a 50% stake in the 38.8K-acre Bajo del Toro block in the Neuquen province, home to most of the play's acreage, while YPF will retain the rest of the shares in the block and continue as the operator.
Once the project starts, STO will pay $30M to YPF and handle the $270M in capex, which will include drilling an initial two horizontal wells in the first phase and another six in the second phase, as well as building well-site infrastructure.
YPF still must gain approval for the deal from the Neuquen government.
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