Feb. 9 (Bloomberg) -- Repsol YPF SA’s Argentine unit estimates its shale oil resources at the Vaca Muerta formation in the south of the country are about 23 billion barrels. YPF SA shares soared.
The new estimate comes after further drilling in the area and reviews by independent auditor Ryder Scott, YPF said yesterday in a regulatory filing. YPF, the local unit of Madrid- based Repsol, previously discovered about 927 million barrels at the Loma La Lata field, which is located in the formation.
YPF shares in Buenos Aires rose 8 percent yesterday to 165.25 pesos, the biggest gain since Nov. 8, when they jumped 10.7 percent.
WHAT TO WATCH:
* President Cristina Fernandez de Kirchner holds a ceremony at the Presidential palace in Buenos Aires this afternoon.
* Petrobras Argentina SA and Endesa Costanera SA are scheduled to releases their fourth-quarter earning reports.
* The Buenos Aires Cereals Exchange releases its weekly crop report in the afternoon.
* The Merval Index fell 1.8 percent to 2,720.15 yesterday, led by Sociedad Comercial del Plata SA, which fell 7.9 percent to 0.58 peso.
* The peso fell 0.1 percent yesterday to 4.3420 per dollar. The currency has declined 1 percent against the dollar this year.
--Editor: Richard Jarvie
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