Llancanelo is a heavy oil field located in the department of Malargüe, Province of Mendoza, Argentina. The productive formation is Grupo Neuquén, in a basin-edge environment in the northern sector of the Neuquina Basin. The field is extended over the nature reserve associated with the homonymous lagoon wetland, declared a Ramsar site (1995). Faced with the limited information available (no 3D seismic or PVT samples), a probabilistic approach for uncertainty treatment in subsurface and fluid parameters emerges as a recommended alternative in the search of static and dynamic representative models. This is the second in a series of two works presented in this congress integrating specialties as geology, petrophysics and reservoir engineering. The first one covers topics related to the static model. This work focuses on the dynamic model and the probabilistic assessment given to it. For this, a thermalcompositional model was used, coupled to an uncertainty analysis and probabilistic platform. Among the uncertainty parameters evaluated, the following stand out: permeabilities, capillary pressures and critical and initial water saturations, relative permeabilities, geothermal gradient, thermal properties of rock and fluids, oil viscosity at reservoir conditions and rock compressibility. Using different optimization algorithms, the solution space was explored to proceed with the probabilistic history match. Based on the minimization analysis of a defined objective function, the variation range and the associated distribution for the parameters were progressively constrained with an accepted tolerance for the fitted cases. Finally, a robust optimization workflow used to define the future development of this project is presented.