ASTA20 Jun 2014 09:24
Astar Minerals plc is pleased to announce that, as a result of the Nogal joint venture, it has agreed heads of terms with Geo Estratos S.A. de C.V. ("Geo"), an established oil services business in Mexico, to form a 51%/49% joint venture (the "Geo JV") between Astar and Geo respectively to jointly evaluate, explore, develop, and produce hydrocarbons in Mexico. This agreement is in line with Astar's strategy to explore investment opportunities in Mexico's energy sector, which is being reopened to the private sector to attract greater foreign investment and expertise to develop its substantial hydrocarbon reserves