IFR jointly owned partner Tonalli shoots for first well on Tecoluta in 1H 2017
International Frontier Resources Corporation (ticker: IFR) has officially taken over operatorship of onshore oil and gas development block Tecolutla from state-owned PEMEX in Mexico. IFR’s jointly owned Mexican company Tonalli Energia has initiated oil field services contracting, and the company said it has found service providers to be readily available and competitive. Tonalli plans to drill its first well in H1 2017, the company reported.
IFR was one of the first foreign companies to participate in the reformation of Mexico’s oil and gas sector and it has been moving rapidly through the processes set up by the Mexican government.
IFR Moves Forward in Mexico, assumes operatorship of Tecoluta block from PEMEX.
The Tecolutla block was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year’s onshore block auction. Tonalli has reprocessed existing seismic data and has identified development targets at Tecolutla.
Source: IFR
“After review of the reprocessed 3D seismic, we have identified areas of the reservoir which we believe, are significantly higher and thicker than previously reported and which have not been penetrated by existing wells,” IFR said in a statement.
International Frontier CEO Steve Hanson to Participate in Latin American Panel
IFR President and CEO Steve Hanson will participate in a Latin American panel at the Oil & Gas Council’s upcoming 2016 World Oil & Gas Week congress in London, Spotlight: Latin America. Hansen’s panel is Tuesday, December 6, 2016 11:15 a.m. GMT at the Intercontinental O2 North Greenwich London, UK.
