Laredo Oil signs second letter of intent for oil recovery technology deployment in Argentina
LRDC•Laredo Oil signed a second nonbinding letter of intent to evaluate Underground Gravity Drainage deployment in Santa Cruz Province, Argentina. The proposed framework gives Laredo exclusive contractor status for 180 days, with investment subject to financing, approvals and definitive agreements.
1. Proposed project framework
Laredo Oil signed a second nonbinding Argentine letter of intent to evaluate deploying Underground Gravity Drainage technology in Santa Cruz Province. Under the proposed framework, Laredo would act as the exclusive contractor, fund project costs and recover its investment from incremental production through cost recovery and profit-sharing. Technical and commercial reviews are expected during the initial 180-day exclusivity period; investment remains subject to financing, required approvals and definitive agreements.
