On Aug. 26, Renaissance Oil Corp. said it entered into a license contract for the development of the Pontón Block in Veracruz, Mexico. This is the fourth property the company will operate.
The Pontón license contract includes the entire stratigraphic column. Renaissance received the license contract with an additional royalty of only 21.39%.
Pontón, which is not currently producing, comprises about 2,965 acres. It has cumulatively produced about 800,000 barrels (Mbbl) of 34 degree API light oil.
Renaissance is preparing field development plans with the objective to re-establish and grow production on this block.
Renaissance also said that it completed the 90-day transition period and has now assumed full operatorship of the fully-held Mundo Nuevo, Topén and Malva blocks in Chiapas, Mexico.
Subsequently, Renaissance entered into a sale and purchase agreement with Pemex for oil and natural gas production from these Chiapas blocks, which produced about 1,700 boe/d in July on average, about 45% crude oil.
Renaissance also said that it has opened its field operations office in Villahermosa, Tabasco, Mexico, which is near the Chiapas blocks.
Renaissance also said that Carol Law has been promoted to the position of COO. Law joined the company in September 2015 and helped evaluate the Chiapas blocks and other opportunities in Mexico.
Law has handled exploration and operations in more than 40 countries, and has led teams to major discoveries on four continents. Most recently, Law managed Anadarko Petroleum Corp.’s (NYSE: APC) appraisal of the world-class Prosperidad gas discovery in the Rovuma Basin offshore Mozambique. She has worked for Anadarko, Kerr McGee Oil & Gas, BP/Amoco and Conoco Inc.
Also, Renaissance said that Luis Miguel Labardini, who has been an adviser to the company for the past 18 months as a consultant with Marcos y Asociados, became the company’s country manager.
Previously, Labardini held high-level positions, including senior adviser to the CFO of Pemex, the deputy director for trade financing at the Mexican Ministry of Finance, and the deputy director for foreign investment at the Mexican Ministry of Finance.
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