Project Profile
Location: Salta Province, south of the Tartagal Oriental license, Argentina
Prospective Reserves: 110 million barrels of oil and 930 billion cubic feet of natural gas
Area: 3,518 square kilometres
The Morillo exploration license area covers 3,518 square kilometres in Salta Province, contiguous with and south of the Tartagal Oriental license in Argentina. Granted at the same time as Tartagal Oriental, the Morillo license was also extended to February 2014.
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 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 110 million barrels of oil and 930 billion cubic feet of natural gas.
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 Block. In 2012, the joint venture designed and implemented a 274 square kilometre 3-D seismic survey to delineate on trend prospects in Morillo.
The exploration permit has been extended for an additional 18 months until 13 September 2017.
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