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IFR on target to be first outside company to drill onshore in Mexico in 80 years, anticipates April spud

The Calgary-based company announced this morning that its Mexican joint venture Tonalli Energia is mobilizing a rig to begin drilling the Tecolutla block (onshore) in Mexico. The company said the partners had received the final authorization necessary to commence drilling from the government of Mexico.

Regulatory requirements are met

“Having satisfied all regulatory requirements, Tonalli is now preparing for rig mobilization and drilling operations for the TEC-10 directional development well,” Hanson said in a press release.

Hanson said its partner Tonalli expects the construction of the drill pad to be completed by mid-March and a spud date is anticipated for mid-April. The drilling rig secured for the well had completed a successful multi-well drill program in late 2017 in Mexico, the company said previously.

IFR’s TEC-10 well targeting new locations in an existing reservoir

IRF’s TEC-10 well will be the first Tecolutla well to target new locations within the reservoir, leveraging recently acquired 3D seismic reprocessed by Tonalli, the company said in a statement.

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Four existing Tecolutla wells have produced almost 2 MMBO

The producing carbonate oil reservoir in the Tecolutla block is the El Abra formation (translated as ‘the cove’). The TEC-10 well is targeting El Abra at a depth of 2,340 meters (7,677 feet).

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

To date, 1.9 million barrels of oil have been recovered from four previously producing wells at Tecolutla that were drilled by Mexico’s national oil company PEMEX between 1956 and 1972 and had initial production rates up to 473 barrels per day.

IFR said that reservoir properties and well productive capabilities of the El Abra formation increased its partner Tonalli’s confidence in the economic viability of the Tecolutla block.

IFR was one of the first foreign companies to participate in the historic reform of Mexico’s oil and gas sector when Tonalli was granted the right to operate, develop and produce hydrocarbons at Tecolutla through a licensing contract with the Mexican government.

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Subsequently, 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. Each of the blocks offered in Round 1.3 attracted multiple bids.

IFR announced in January that Tonalli had secured the drilling authorization permit from Mexico’s National Hydrocarbons Commission for its TEC-10 directional development well and that Tonalli had begun construction of the infrastructure to enable access for services to drill TEC-10 including the completion of a high-grade access road leading to the TEC-10 drilling location to provide year-round access to the Tecolutla field.

IFR is a 50-50 joint venture partner with Mexican petrochemical leader Grupo IDESA. IFR’s Mexican subsidiary is Petro Frontera S.A.P.I de CV. IFR also has projects in the Northwest Territories and Montana.

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

Tapping Mexico’s Onshore Oil & Gas Reserves almost a Reality for Canadian Operator IFR

 


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