18th Aug 2015 06:42
LONDON (Alliance News) - MX Oil PLC Tuesday said it is one of 15 companies vying for 25 licenses to be awarded by the Mexican government in December.
The company is pouncing on the country's oil and gas licensing round, which opened the door to foreign companies after around 76 years of state monopoly, where MX hopes to secure two Type 1 blocks, which include onshore fields with estimated resources of around 100 million barrels of oil equivalent.
On Tuesday, MX said only 15 companies have been chosen to participate in Bid Round 1 of the licensing round after they paid to bid. The company is currently finalising documentation ahead of submission of the pre-qualification filing.
There will be 25 licenses on offer, down from the original 26 expected by the company in May, stretched across the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz.
MX said it expects the results of the licensing round to be released in December 2015.
"With our bidding inscription paid and due diligence progressing well on our target blocks, we are excited about the months ahead as we move closer to the concession awards by year end. We remain confident of winning two or more oil producing blocks," said MX Chief Executive Stefan Olivier.
By Joshua Warner; [email protected]; @JoshAlliance
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