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
Acquires 42.1% interest of an oil field service company for drilling engineering and implementation to drill 3 exploration wells.
Acquired 38.15% of Palmar Largo Concession at a total consideration of HK$100.75 million (US$13 million).
Obtained a 2-year exploration permit extension to 13 March 2016 for Tartagal & Morillo concessions.
Engaged international oil & gas experts from the US, the UK, Argentina and China to analyze data from the 3D seismic interpretation of Morillo, locating 2 drilling spots out of 12 prosperous spots.
Acquired additional 9.25% of Taragal Oriental & Morillo concessions at a total consideration of HK$150 Million (US$19.35 Million). New Times Energy holds a total of 69.25% interest in the concessions.
New Times Energy engaged Daqing Research Institute to perform 3D seismic interpretation to identify drillable prospects in the Morillo concession. Morillo concession resources could exceed 100 million barrels of oil.
Completed 3D seismic acquisition program for Morillo concession.
Completed 2D seismic program in Morillo and 3D program in Tartagal Oriental concession. In 2010, Petrobras drilled the PBE.ST.LBx-1001 well on the Chirete Block and was understood to be a major discovery. The well is only 2.5 km from the border of the Morillo concession.
Acquired 60% of Tartagal Oriental & Morillo concessions at a total consideration of HK$3.2 Billion (US$410 Million).