Hong Kong-listed New Times Group Holdings Ltd. plans to acquire two oil fields in Argentina for 10 billion Hong Kong dollars (US$1.3 billion; ¤910 million), capitalizing on a surging worldwide demand for oil and natural gas, AP reported. The property and financial investment company signed an agreement earlier this month to take a 30.6 percent stake in two oil fields, Targatal and Morillo, in Salta Province, according to a statement released to the Hong Kong stock exchange late Thursday. The two sites have estimated oil reserves of about 810 million tons (6.4 billion barrels) and gas reserves of 317.5 billion cubic feet (90 billion cubic meters), the company said, citing a geological evaluation by state-owned China National Petroleum Corp. There is no current exploration or production work at the fields. After the acquisition, the company will become largest single investor in the two oil fields. New Times said it would set up a consortium to develop and manage the sites. The company's shares were up 89 percent midafternoon Friday in Hong Kong. The shares resumed trading Friday after being suspended since Oct. 8 in anticipation of its announcement. Hong Kong's Hang Seng Index gained 6.5 percent during the period New Times shares weren't trading. New Times said the purchase of the oil fields will be funded through convertible and promissory notes and the issue of new shares. The purchase is conditional on shareholders' approval.
