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MX Oil set to bid for Mexico fields next month


MX Oil (LON:MXO) will soon be closer to building a business in Mexico as the country is now expected to carry out the first bidding round at the end of next month.

This is based on comments made by Pedro Joaquin Coldwell, Mexico's Secretary of Energy.

This first bidding round following the opening up of Mexico’s oil and gas industry will see companies tender for onshore conventional fields in the states of Tabasco, Veracruz and Tamaulipas.

AIM quoted MX Oil intends to participate in the process, and it is also working with its Mexican partner Geo Estratos to secure interests in existing fields operated by state owned oil firm Pemex.

"We are excited to hear that the tender process for mature onshore fields in Mexico is due to commence in just a matter of weeks,” said chief executive Stefan Olivier.

MX Oil is focused on securing acreage on these large conventional fields which boast some of the lowest breakeven oil prices in the world.  

“Behind the scenes we have been working hard to ensure that once the tender process commences, we are able to hit the ground running so that we are well positioned to secure company-making oil and gas assets and deliver on our objective to build a leading Mexican focused oil and gas company."

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