MX Oil gives details in respect of the four Land Contract Areas it was awarded, alongside its local partner Geo Estratos, during the third phase of the Bid Round 1 Licensing Round for onshore conventional concessions in Mexico.

The four LCAs awarded to the MX Oil/Geo JV, namely Tecolutla, La Laja, Ponton, and Paso de Oro, are all located in the prolific Tampico-Misantla Basin which has, to date, produced around six billion barrels of oil and currently produces approximately 70,000 barrels of oil per day.

The National Hydrocarbon Commission anticipates signing contracts with the companies awarded LCAs during the second quarter of 2016. In advance of this, CNH has requested draft documentation be provided in order to monitor progress.

Tags: MX Oil plc