). In the report, Morgan Stanley noted, “YPF announced it signed a term sheet with Petronas to invest up to US$550M in the development of a pilot project in the La Amarga Chica shale oil block (~46K acres). Petronas will invest US$475M and YPF the remaining US$75M (~73% carry) and each party will be entitled to a 50% stake on the block and its production. Pilot project operations are expected to begin in 1Q15, subject to the fulfillment of precedent conditions.” YPF SA closed on Thursday at $33.04.