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
  • Sept 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).
  • Dec 2013
  • Obtained a 2-year exploration permit extension to 13 March 2016 for Tartagal & Morillo concessions.
  • SEP 2013
  • 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.
  • APR 2013
  • 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.
  • FEB 2013
  • 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.
  • 2012
  • Completed 3D seismic acquisition program for Morillo concession.
  • 2010
  • 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.
  • 2009
  • Acquired 60% of Tartagal Oriental & Morillo concessions at a total consideration of HK$3.2 Billion (US$410 Million).