2009-08-18-2008-01-01

To acquire 60% stake in Tartagal and Morillo fields in Salta Province. Reserves 810 MM tons of oil (240 MM tons recoverable), 277.2 Bcf dissolved gas, 317.5 Bcfg.

Financial-investment firm New Times Group Holdings Ltd., Hong Kong, (Hong Kong: 0166) plans to acquire a 30.6% stake in two oil fields in Argentina from two private sellers for HK$10 billion (US$1.28 billion) and an additional 29% stake from an undisclosed seller for US$40.1 million for a total stake of 60%, according to Reuters. The assets are in the Tartagal and Morillo fields in Salta Province from 30.6% to 60%. Estimated reserves are 810 million tons of oil (240 million tons recoverable), 277.2 billion cubic feet of dissolved gas and 317.5 billion cubic feet of gas. New Times Group will acquire the 30.6% stake for HK$9.36 billion (US$1.2 billion) in convertible notes, HK$230 million (US$29.6 million) in a three-year promissory note and HK$408 million (US$52 million) in stock. The 29.4% stack will be acquired in cash and convertible notes. Oxipetrol (Petroleros de Occidente SA) holds 30% of the fields and JHP International Petroleum Engineering Ltd. has the remaining 10%.