Location Province of Salta, Argentina
Schedule 2009 - 2017
Tartagal Oriental & Morillo Concessions
Exploration & Production in the Province of Salta, Argentina
- New Times Energy holds 69.25% interest in the concessions
- Acreage: 2.6 million acres (10,583 km2)
- Net Prospective Resources: 269.74 million barrels of oil equivalent
- Sep 2017
Spudded HLG.St.EP.x-2001 exploration well on 9 September 2017.
- Mar 2017
Application for further extension of exploration permit submitted to local authority.
- Mar 2016
Successfully obtained a further 18 months extension of exploration permit until 13 September 2017.
Three prospects identified with the first exploratory drilling scheduled for in Q4 of 2016
- 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).
- 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.
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).