Steve Hanson reports
IFR JOINT VENTURE PARTNERS WITH MEXICO'S LIFTING MX TO PARTICIPATE IN PEMEX FARM-OUTS
International Frontier Resources Corp.'s joint venture, Tonalli Energia, has entered into a joint bidding agreement with Servicios de Extraccion Petrolera Lifting de Mexico SA de CV (Lifting MX), a subsidiary of leading oil and gas services provider Cotemar SA de CV. Under the terms of the agreement, the two companies will co-operate in evaluating and participating in the coming Petroleos Mexicanos (Pemex) farmout bid rounds, scheduled for Feb. 14, 2019.
The agreement targets certain areas within the Pemex farmout tender. Pemex is offering seven farmout licence contracts in southeastern Mexico, which group together multiple fields in the states of Veracruz, Chiapas and Tabasco.
"This signing of this strategic agreement brings together two companies with demonstrated onshore Mexico experience," said Steve Hanson, president and chief executive officer of International Frontier Resources. "Tonalli has worked diligently in selecting a partner that has achieved significant commercial success in Mexico."
Lifting MX holds licences for the Cuichapa and Paso de Oro blocks located in the state of Veracruz, which were acquired through the onshore mature field bid round (Round 1.3) held by Mexico's National Hydrocarbons Commission (CNH). Lifting MX has significantly increased production from both of these blocks. Tonalli maintains an active drilling program at the Tecolutla block, which was also acquired in Round 1.3.
Mexico's president-elect, Andres Manuel Lopez Obrador, and his transition team have recently stated, through multiple media reports, that they will allow Pemex to continue farming out projects to boost oil and gas production from mature and aging fields. Pemex is responsible for over 80 per cent of Mexico's proven and probable reserves.
About International Frontier Resources
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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