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MX Oil says its closer to securing Mexico assets

Onshore concessions could be awarded to companies in December

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Olivier is confident of securing two or more producing blocks through the process

MX Oil (LON:MXO) says it is moving closer to securing assets onshore Mexico as the country’s oil and gas industry is being opened up.

The company said it has now paid a bidding inscription ahead of the bidding round.

It is one of only 15 companies participating in the first round to have paid this fee, and the company added that due diligence efforts are progressing well. It is expected that the award of concessions could come by December.

Chief executive Stefan Olivier told investors he is confident of securing two or more producing blocks through the process.

"We are making great strides towards our pre-qualification for Bid Round 1 and as a result are highly active on the ground in Mexico,” he said in a statement.

“With our bidding inscription paid and due diligence progressing well on our target blocks, we are excited about the months ahead as we move closer to the concession awards by year end.”

MX Oil recently agreed to acquire a producing asset in Nigeria, and this is expected to help support the group’s ability to finance its plans for Mexico.

“We look forward to being able to apply early production cash flow from Nigeria towards our activities in Mexico as we look to unlock the significant potential this country has to offer,” Olivier added.

In the first bidding round for onshore Mexico it is expected that a total of 25 parcels of land - in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz - will be awarded to companies who meet pre-qualification requirements and win a tender process.

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