NEW Times Energy (00166.HK) said that it has entered into a letter of intent (LOI) with an independent third-party in relation to possible acquisition of the entire equity interest in a target company which holds 9.25% interests in the Tartagal Concession and the Morillo Concession in Argentina.

Pursuant to the terms of the LOI, the vendor agrees to negotiate exclusively with New Times Energy for a period of 9 months immediately after the signing of the LOI for the possible acquisition. Immediately after signing of the LOI, a refundable deposit of HK$5 million shall be payable by New Times Energy to the vendor in cash.

On 4 May 2009, New Times Energy acquired the entire equity interest in Jade Honest Limited, which holds a 60% interests in the concessions.