Renaissance Oil, in conjunction with its partner, Lukoil, has spudded the first well of the drilling program, Amatitlán 1649, in Veracruz, Mexico.
The drilling program consists of:
Ten wells each targeting multiple Tertiary age Chicontepec sands; and
An unconventional shale well targeting the Upper Jurassic Pimienta formation.
Upon receiving final permits, the deeper Upper Jurassic shale well will be integrated into theChicontepec drilling program.
The Amatitlán block, where operations are led by Renaissance, is an Integrated Exploration and Production Contract (Service Contract). Renaissance and Lukoil are actively progressing the migration of this block into a Contract of Exploration and Extraction (Production Sharing or License Contract) under an improved fiscal regime.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.