Palmar Largo Concession

    Exploration & Production in the Province of Formosa & Salta, Argentina
  • New Times Energy holds 38.15% interest and is the operator of the concession
  • Well-developed concession with stable existing production
  • Mar 2017
  • Initiated application process with local authority for the renewal of production permit for a further 10 years.
  • 2016
  • Successfully performed 3 coil tubing interventions and 2 workovers during the year to maintain revitalise production rates of mature wells.
  • 2015
  • Completed workover campaign on seven wells during the year and coil tubing interventions on 3 producing wells during the year to improve overall production.
  • Sep 2014
  • Acquires 42.1% interest of an oil field service company for drilling engineering and implementation to drill 3 exploration wells.
  • Feb 2014
  • Acquired 38.15% of Palmar Largo Concession at a total consideration of HK$100.75 million (US$13 million).