Central Puerto Acquires Two Neuquén Oil Blocks from Tomasevich, Targets Vaca Muerta Entry

Central Puerto acquired 100 percent of Patagonia Energy S.A. from Patagonia Assets Limited, gaining operational control of the Aguada del Chivato and Aguada Bocarey conventional oil concessions in northern Neuquén province near the Mendoza border. The two blocks span approximately 27,181 acres or 110 square kilometers. The transaction, disclosed through a material event filing with Argentina’s securities regulator CNV, marks the power generator’s first direct investment in hydrocarbons as part of an aggressive diversification strategy that has already extended into mining and forestry sectors.

The acquired assets carry a recent history of financial restructuring. The blocks originally belonged to independent producer Medanito, which lost the areas following financial difficulties. The assets subsequently transferred to Patagonia Energy, a company linked to Federico Tomasevich, principal figure behind financial services firm Puente. Central Puerto now assumes direct and indirect control through Patagonia Energy & Resources Ltd.

Central Puerto’s immediate operational focus centers on organizing production from the existing conventional fields. The medium and long-term value proposition depends on converting the areas to a Non-Conventional Hydrocarbon Concession, requiring pilot well drilling to evaluate and de-risk Vaca Muerta formation potential beneath the current conventional production. Such exploratory activity would validate geological productivity in a zone Central Puerto describes as having proven potential within a high-relevance geological location in the Neuquén Basin.

The conversion to unconventional concessions represents both a geological and financial challenge. Central Puerto will need to secure dedicated financing for capital-intensive shale development once pilot drilling confirms commercial viability. The company, controlled by a local business holding led by Guillermo Reca, frames the acquisition as integrating part of its value chain and gaining operational experience in one of the world’s most productive hydrocarbon regions.

Central Puerto’s entry adds a new participant to Vaca Muerta development amid Argentina’s broader efforts to expand unconventional production. The company positions vertical integration as supporting its established electricity generation leadership while contributing to national energy development.