Canadian company International Frontier (IFR) has announced that its Mexican partner Tonalli Energía identified higher than expected targets for the Tecolutla Block, which it won in the third phase of Mexico’s first licencing round.

Tecolutla block Image sourced from http://rondasmexico.gob.mx/

Tecolutla block Image sourced from http://rondasmexico.gob.mx/

The Canadian firm said in a press release on Monday that “significantly higher and thicker” areas of the onshore reservoir have been discovered after the 3D seismic provided by CNH was reprocessed and analyzed. The company said the findings have “not been penetrated by existing wells.”

Tonalli Energía won the mature Tecolutla block in Round 1.3 earlier in 2016, signing the license contract on Aug. 25. The block, located in the southern state of Veracruz, had an accumulated production of two million barrels of oil and nine billion cubic feet of natural gas as of Jan. 1, 2015. PEMEX drilled Tecolutla without the use of modern seismic technologies, which Tonalli Energía have now taken advantage of with successful results.

IFR’s CEO, Steve Hanson, has been optimistic about opportunities arising from Mexico’s Energy Reform, saying “it is the largest energy opportunity in the world today–and the door has just been opened,” as quoted by oilprice.com.

Tecolutla will be  handed over to Tonalli Energía on Nov. 23 2016, and the company expects to begin operations in the first half of 2017. Their Canadian co-owner was positive about the developments, and was pleased with “progress in the Mexican government’s regulatory processes.” Partners Grupo Idesa will provide logistics services for the project, trucking production to PEMEX-owned midstream facilities nearby..

Through its Mexican subsidiary, Petro Frontera and different joint ventures, IFR is helping develop oil and gas assets in Mexico, as well as carrying out projects in the US and Canada.

Sources:

http://www.internationalfrontier.com/s/IndustryNews-NWT.asp

http://rondasmexico.gob.mx/wp-content/uploads/2016/03/24_Tecolutla.pdf

http://oilprice.com/Energy/Energy-General/Why-Mexicos-Oil-Reform-Is-A-Huge-Opportunity-For-Investors.html

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