Mr. Steve Hanson reports
IFR JOINT VENTURE ENTERS LARGEST ONSHORE BID ROUND 3.2 OF HISTORIC MEXICO ENERGY REFORM
In partnership with Mexican petrochemical leader Grupo IDESA, International Frontier Resources Corp.'s joint venture, Tonalli Energia, has registered and been granted access to the data room for the second tender of Round 3 (Round 3.2) of Mexico's oil and gas energy reform by the National Hydrocarbons Commission (CNH).
Tonalli is in the process of analyzing and assessing block data and completing documentation in anticipation of entering the bidding process. Concessions are to be awarded in September, 2018, under a licence contract model. The licences for exploration and production will last 30 years and can be extended for two additional terms of five years each.
CNH announced Round 3.2 on Jan. 25, 2018, which is scheduled to be the 10th upstream bid round since the initiation of the historic energy reform. This new bid round covers 37 onshore conventional blocks for exploration and production, including 21 blocks in the Burgos region in Tamaulipas, nine blocks in the Tampico-Misantla-Veracruz region in Veracruz, and seven blocks in the Southeastern region in Tabasco and Campeche, covering collectively 9,513 square kilometres, with prospective resources of approximately 260 million barrels of crude equivalent. These blocks include wet gas, dry gas and light oil.
Through its joint venture, International Frontier Resources was one of the first foreign companies to participate in Mexico's historic reform of the oil and gas sector. The Tecolutla block was awarded to Tonalli on
May 12, 2016,
as part of the first round and third call of Mexico's oil and natural gas mature field bid round (Round 1.3), the first in almost 80 years.
About International Frontier Resources Corp.
International Frontier Resources is a Canadian publicly traded company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera SAPI de CV and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The company also has projects in Canada and the United States, including the Northwest Territories and Montana.
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