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.
- Successfully performed 3 coil tubing interventions and 2 workovers during the year to maintain revitalise production rates of mature wells.
- 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).