Project Profile
Location: Salta Province, located in the northern part of Argentina
Reserves: Unrisked gross prospective reserves of 82 million barrels of oil and 870 billion cubic feet of natural gas
Area: 7,065 square kilometres
The Tartagal Oriental exploration license area covers 7,065 square kilometres in Salta Province, located in the northern part of Argentina. New Times Energy Corp\'s subsidiary High Luck Group Limited owns 60% of the exploration license and is the operator as well. High Luck\'s partners in this venture are Maxipetrol, a private Argentina company, Delta Mutual, a US listed public company and JHP, a private company. The joint venture has obtained an extension on the exploration period of the license until February 2014. Exploration of this area dates back to the mid 20th century, and 22 wells, some oil producers, have been drilled in Tartagal Oriental since the 1960s. The Group had the concession area evaluated by Netherland, Sewell and Associates, Inc. (NSAI). NSAI prepared an extensive report of their findings, indicating a best estimate of unrisked gross prospective reserves of 82 million barrels of oil and 870 billion cubic feet of natural gas. Of the 22 wells that have been drilled in Tartagal Oriental in the past, several were judged to be work-over candidates. A two well workover program was designed and carried out in late 2010 and early 2011, for the CA- x1002 and CA- x1 wells. These wells are now in trial production. Commercial production will commence once the installation of relevant production facilities, including flow lines and tank batteries are fully completed.
Operators:
High Luck Group Limited (New Times Energy Corp\'s subsidiary): Operator with 60% interest
Maxipetrol, Delta Mutual and JHP Venture: 40% interest
Contractors:
Netherland, Sewell and Associates, Inc. (NSAI): Geological and resources estimate report