Hong Kong-listed Mayer Holdings Ltd (美亞控股), 34.72 percent owned by Taiwan’s Mayer Steel Pipe Corp (美亞鋼管), said yesterday that one of its oil wells in the Argentine province of Mendoza began production on Nov. 30.
In a filing issued to the Hong Kong Exchanges & Clearing, Mayer Holdings said that the CH-1053 oil well, which has been drilled to a depth of 3,600m, has started to produce 900 to 1,000 barrels of oil per day as of Nov. 30.
The production is substantially higher than the firm’s CH-1052 oil well, which has a capacity of 370 to 440 barrels of oil per day, the company said in the statement.
Mayer Holdings’ update of its oil projects in Argentina came a day after the company announced on Wednesday that it would pay HK$1.26 billion (US$163,000) to acquire Maxipetrol HK, which produces oil in Puesto Pozo Cercado and Chanares Herrados in Mendoza.
The joint investment with Hong Kong’s EPI (Holdings) Ltd (長盈集團控股) would allow Mayer Holdings to secure around a 20 percent stake in the refinery and export facility at the Mendoza project.
The stake purchase from Maxipetrol HK has gained approval from the Hong Kong Stock Exchange and Mayer Holdings expects to close the deal sometime in the first half of next year.
Based on the company’s data, Maxipetrol HK has already drilled four wells in the 210m² oil field in Mendoza.
The gross crude oil output of the oil field is estimated at around 146.9 million barrels, Mayer Holdings said.
To finance this investment, Mayer Holdings is planning to issue HK$400 million in three-year notes, HK$600 million in five-year notes and HK$264 million in eight-year notes, the company said.
Mayer Holdings said in yesterday’s statement that the CH-25 well, which has a depth of 4,685m and is located in the Potrerillos Formation, is expected to produce oil as scheduled, while the CH-1055 well has reached a depth of more than 2,500m and is expected to be completed by the end of this year.
The company also said the drilling of the CH-7 deep well will commence this month in accordance with the investment plan announced earlier this year.
Shares of Mayer Holdings dropped 8.2 percent yesterday to HK$0.78 in Hong Kong trading, while parent Mayer Steel Pipe — which yesterday reported a decline of 25.3 percent in revenues in the first 11 months to NT$5.64 billion (US$175 million) — fell limit-down to NT$25.6 in Taipei trading.
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