International Frontier Resources Provides Update on Mexican Operations and Tecolutla Block
CALGARY, ALBERTA--(Marketwired - Sept. 26, 2016) - International Frontier Resources Corporation ("IFR" or the "Company") (TSX VENTURE:IFR) is pleased to provide an operations update on its jointly owned Mexican company Tonalli Energia ("Tonalli") and the onshore oil and gas development Block 24, known as Tecolutla. Tonalli is a Mexican company with the ownership split equally between IFR and Mexican petrochemical leader Grupo Idesa.
Tonalli is in the midst of a 90-day transition period with Petroleos Mexicanos ("PEMEX") to assume full operatorship of the 100%-held Tecolutla Block. Field development planning has commenced, which includes additional geological and geophysical evaluation, social and environmental baseline studies, well workover programming, horizontal well planning, production facility design, and permitting. These efforts will lead to existing well workovers which are anticipated to commence, subject to Mexican government approval, in late 2016 to bring production back on stream, with the first horizontal well to be drilled in the first half of 2017.
In addition, Tonalli has expanded its Mexican team, which includes a field manager with extensive Mexican petroleum engineering and operations experience working for international companies such as Schlumberger and Petrofac.
As reported on August 26th, Tonalli has met all the terms and conditions and signed a license contract with the Mexico Comision Nacional de Hidrocarburos (CNH), granting Tonalli the right to develop and produce hydrocarbons at Tecolutla.
The Tecolutla Block was awarded to Tonalli as part of the first round and third call of Mexico's oil and natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80 years. Each of the blocks offered in Round 1.3 attracted multiple bids. Please see IFR's news release of May 12, 2016.
Tecolutla is a 7.2 km2 block in the Tampico-Misantla Basin located within the Mexican state of Veracruz. The producing carbonate oil reservoir in the Tecolutla Block is the El Abra formation at a depth of 2,340 meters. 3D seismic has been acquired over the entire Tecolutla Block and seven wells have been drilled into the producing reservoir. Peak production at Tecolutla of over 900 barrels per day occurred in 1972 from three wells, with one producing well remaining as of December 2014. Tonalli's experienced operating team intends to deploy advanced carbonate drilling, completion and recompletion techniques in the Tecolutla Block.
About International Frontier Resources
International Frontier Resources (IFR) is a Canadian publicly traded company with a demonstrated track record of advancing oil and gas projects. Through it Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. The Company also has projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.
The Company's shares are listed on the TSX Venture, trading under the symbol IFR. For additional information, please visit www.internationalfrontier.com.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or accuracy of this release". The Company seeks Safe Harbor.
(September 26, 2016 - 9:02 AM EDT)
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