Project Profile
Location: Province of Salta, Argentina
Area: approx. 1,793 sq km
Net Prospective Resources: 7.1 millions boe
The Chirete Block comprises an area of approx. 1,793 sq km located in the province of Salta, Argentina. The Chirete Block is currently in its second exploration period and during which at least one Exploration Well is required to be drilled pursuant to the Contract.
High Luck, a branch established in Argentina under High Luck Group, an indirect wholly owned subsidiary of the New Times Energy Corp, will perform, or cause to perform, the drilling, logging, testing and completion of an exploration well at a location designated by PESA, and pay all of the costs to be incurred of approx. US$8 million. The consideration is expected to be funded out of the Group\'s internal financial resources.
High Luck will be in charge of the operations of the Chirete Block in respect of its exploration, development and production. Relevant profits derived from the sale of hydrocarbons produced will be allocated to the Company and PESA on a 50:50 apportionment basis.
Operators:
Petrobras Argentina (PESA): Operator with 50% interest
High Luck Group (subsidiary of New Times Energy Corp): 50% interest