MX Oil plc is pleased to provide an update on the progress it is making in Mexico together with its partner Geo Estratos with regards to the on-going Bid Round 1 Licensing round and its efforts to secure onshore conventional concessions in the re-opening Mexican energy sector.
The Company has submitted its pre-qualification filing with the National Hydrocarbons Commission regarding its participation in the third phase of Bid Round 1. In this third phase, a total of 25 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to companies that satisfy the pre-qualification requirements and win the subsequent tender process.
In tandem with this, MX Oil has completed its due diligence on five Land Contract areas and following this confirms its intention to bid for all five of the concessions. It is expected concessions will be awarded in December 2015.