Hong Kong-based New Times Energy eyes Argentina oil, gas assets

27 February 2012 06:51  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-based New Times Energy said on Monday that is looking at acquiring several oil and gas concessions in Argentina from Principle Petroleum.

Under the memorandum of understanding (MoU) signed between the two companies, New Times Energy has exclusive rights to acquire Principle Petroleum's Argentinian assets for nine months from 25 February 2012, New Times Energy said in a filing to the Hong Kong Stock Exchange.

Among those up for acquisition is at least a 50% stake in each of the three subsidiaries of Principle Petroleum, which is principally engaged in investments in the hydrocarbons business of South America, New Times Energy said.

Each of the subsidiaries has a 70% interest in each of the three exploration sites in Argentina, namely, Selva Maria in Formosa province, and San Salvador and Libertador, in Jujuy province, the company said.

New Times Energy may also consider purchasing Principle Petroleum’s 49% interest in an entity that has a 60% interest in the exclusive rights in exploration and exploitation in the area of Valle de Lerma Concession in Salta, Argentina, according to the statement.

Salta, Formosa and Jujuy are three of the most prospective oil and gas provinces in northern Argentina. The potential acquisition will enrich our project portfolio, further allowing us to tap the lucrative oil and gas potential in the region,” said Stewart Cheng, chairman of New Times Energy, in the statement.

New Times Energy is a consolidated natural resources company, with businesses in the mineral and oil & gas projects in Argentina and in the US states of Alaska, Texas and Louisiana.

By: Fanny Zhang
+65 6780 4359

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