MX Oil plc, and its local partner Geo Estratos have been formally listed as interested parties in Phase III of Bid Round 1 by the National Hydrocarbons Commission.
By being formally recognised as two of 16 interested parties in Phase III, MX Oil and Geo are expected to access the relevant data rooms imminently in order to undertake due diligence on concessions of interest. This process is already underway.
Update on substantial non-Mexican development stage project with proven, flow tested discoveries
MX Oil has made significant progress with regards to this potential investment and has received a draft CPR on the underlying asset which is in the process of being finalised. Due diligence on this asset looks favourable and subject to completing this work and finalising the CPR, MX Oil could be in a position to complete on this investment in the next three weeks.