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 ?xml:namespace>
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
Each of the subsidiaries has a 70% interest in each of the three exploration sites in
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
New Times Energy is a consolidated natural resources company, with businesses in the mineral and oil & gas projects in
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