4th Feb 2016 08:36
LONDON (Alliance News) - MX Oil PLC said Thursday it has satisfied its initial obligations in relation to the four land contract areas it was awarded in Mexico during a recent licensing round.
The company said that the four land areas have to date produced around 6 billion barrels of oil and currently produce around 70,000 barrels of oil per day.
The Mexican National Hydrocarbon Commission expects to sign contracts with companies awarded land areas in the licensing round in the second quarter of 2016, MX Oil said.
As part of this process, MX Oil and its joint venture partner have provided draft documents requested by the commission, and said further work will be needed to finalise these documents before approval is granted and contracts are signed.
"We are pleased to report that we have satisfied our initial obligations in connection with our four land contract areas. As previously announced, the land contract areas include previously discovered but underexploited conventional fields as well as other already identified exploration targets, all of which have enormous potential for development. I look forward to providing further updates in due course," said Chief Executive Officer Stefan Olivier in a statement.
Shares in MX Oil were down 2.7% to 1.26 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
MXO.L