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About Us
High Luck Group Argentina is an Oil Company established in Argentina since 2008, with assests located in the Northwest Basin, including Chirete oil field, and Morillo and Tartagal Oriental exploration blocks. High Luck Group Limited (Argentine Branch) is located in Salta Province, Argentina. We have two major concessions in Northern Argentina.- A.) Chirete and B.) T&M Concessions.
High Luck Group is focused on efficient, productive and safe operations, protecting and developing its employees, contractors and clients, the local communities, the environment and its investors interests.
Exploration:
The Company is of the view that the complex geological structures create opportunities for the discovery of conventional light oil and natural gas during exploration activities. The exact drilling point is determined by geological studies and the necessary engineering, technology, logistics and security services are provided for the success of this stage.
Development:
Once the exploration stage is finished and depending on the found oil and gas reserves, the Field development plan is determined and executed, including facilities construction, new wells drillings, improvement of existing resources, etc.
(Production) The Field exploitation targets are maximizing hydrocarbon production and operations efficiency, keeping high operation standards to ensure results’ quality and safety.
(Sale) The produced oil and gas are sold to our clients in the domestic market, looking for commercial relationships that maximize the company’s results.
Chirete Concession
The Chirete Concession is a 50:50 joint venture between HLG and Pampa Energía S.A., where HLG is the Operator of the concession.
- Acreage: 897km2 Exploratory Block.
- Oil discovery in February 2016 at Exploration Well – HLG.St.LB.x-1002
- Oil re-confirmation in Dec 2018 at Exploration Well – HLG.St.LB.x-2001.
Recent Milestone
- 2019 (Chirete) – Application for Exploitation permit for the Chirete discovery, Apr – May 2019
- 2019 (Chirete) – Extended Well Test during Jan – March 2019, has produced 82,000 barrels of light-medium crude (API 37)
- 2018 (Chirete) – Successful drilling of HLG.St.LB.x-2001, Oil discovery made in Nov 2018
- 2017 – Application for the extension of the Third Exploratory Period until 18 November 2018 submitted to local authority.
- 2016 – Completed exploration drilling of LB x-1002 well. Oil shows confirmed. Further studies and drillings to determine economic viability.
- 2015 – 50% farm-in offer made in consideration to drill, log, test and complete an exploration well.
Upcoming Milestone
- Construction of Phase 1 permanent production facilities to commence
- Commissioning of Phase 1 permanent production facilities with target production 1000-1500 BOPD
Tartagal Oriental & Morillo Concession
High Luck Group holds 69.25% interest in the concessions
- Acreage: 2.6 millon acres (10,583 km2).
- Net Prospective Resources: 269.74 million barrels of oil equivalent.
Recent Milestone
- Sep 2017
Spudded HLG.St.EP.x-2001 exploration well on 9 September 2017. - Mar 2017
Application for further extension of exploration permit submitted to local authority. - Mar 2016
Successfully obtained a further 18 months extension of exploration permit until 13 September 2017. - 2015
Three prospects identified with the first exploratory drilling scheduled for in Q4 of 2016 - Sep 2014
Acquires 42.1% interest of an oil field service company for drilling engineering and implementation to drill 3 exploration wells. - Feb 2014
Acquired 38.15% of Palmar Largo Concession at a total consideration of HK$100.75 million (US$13 million). - Dec 2013
Obtained a 2-year exploration permit extension to 13 March 2016 for Tartagal & Morillo concessions. - Sep 2013
Engaged international oil & gas experts from the US, the UK, Argentina and China to analyze data from the 3D seismic interpretation of Morillo, locating 2 drilling spots out of 12 prosperous spots. - Apr 2013
Acquired additional 9.25% of Taragal Oriental & Morillo concessions at a total consideration of HK$150 Million (US$19.35 Million). New Times Energy holds a total of 69.25% interest in the concessions. - Feb 2013
New Times Energy engaged Daqing Research Institute to perform 3D seismic interpretation to identify drillable prospects in the Morillo concession. Morillo concession resources could exceed 100 million barrels of oil. - 2012
Completed 3D seismic acquisition program for Morillo concession. - 2010
Completed 2D seismic program in Morillo and 3D program in Tartagal Oriental concession. 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 concession. - 2009
Acquired 60% of Tartagal Oriental & Morillo concessions at a total consideration of HK$3.2 Billion (US$410 Million).