London-listed MX Oil has formed a new joint venture (JV) to participate in forthcoming Mexican offshore licensing rounds. MX Oil, which bills itself as an oil and gas investment company, formed the JV with Mexican oil services specialist Geo Estratos. The entity, named Geo Estratos MXOil Exploration, will be owned 51% by MX and 49% by Geo. MX is to invest $1 million in the JV, which has a permit to operate in Mexico, allowing it to participate in E&P bidding rounds scheduled to start in November.