LONDON (Alliance News) - MX Oil PLC said Monday that, along with partner Geo Estratos, it plans to bid on five concessions in the first round of bidding for licences in Mexico.
The company said it has submitted pre-qualification filing with Mexico's National Hydrocarbons Commission regarding its participation in the third phase of the Bid Round 1 licensing round. A total of 25 land contract areas will be awarded in this round.
MX Oil has completed due diligence on five land contract areas, and plans to bid for all five. The concessions are expected to be awarded in December.
"Along with our partner Geo, we have carried out comprehensive due diligence on five blocks and we like what we see. As a result, we intend to lodge bids for all five concessions which match our investment criteria: onshore conventional fields with existing discoveries requiring development, as well as mature fields in need of secondary interventions to enhance hydrocarbon recovery rates," said Chief Executive Officer Stefan Olivier in a statement.
MX Oil were up 3.0% at 2.42 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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