Chirete

Concession
Location Province of Salta, Argentina
Schedule 2015 - 2019

Project Detail

Chirete Concession

Exploration in the Province of Salta, Argentina

  • New Times Energy holds 50% interest in the concession.
  • High Luck Group Limited (HLGL) is the operator of the Chirete concession.
  • Acreage: 1,793km2
  • Net Prospective Resources: 7.1 millions of barrels of oil equivelent.
  • Nov 2019
    Commercial crude oil production
  • Oct 2019
    Commissioning of the crude oil fields
  • Apr to Aug 2019
    Surface facility development
  • Mar 2019
    Extended well test of HLG.St.LB.x-2001
  • Dec 2018
    Discovery of crude oil at HLG.St.LB.x-2001
  • Sep 2018
    Spudding of HLG.St.LB.x-2001
  • Jul 2017
    Application for the extension of the Third Exploratory Period until 18 November 2018 submitted to local authority.
  • Jun 2017
    Consensus reached with concession partner for the exploratory drilling of LB x-2001 well, on the same structure approximately 2.9 kilometers from LB x-1002 well. Estimated potential pay zone of approximately 100 meters.
  • Feb 2016
    Completed exploration drilling of LB x-1002 well. Oil shows confirmed. Further studies and drillings to determine economic viability required.
  • Nov 2015
    Exploration well spudded and drilled to total depth of 2,910 meters. Economic viability being assessed.
  • Apr 2015
    50% farm-in offer made in consideration to drill, log, test and complete an exploration well.