Renaissance Oil Advancing at Amatitlán block in Mexico

Instant Max AI

(Renaissance, 27.Aug.2018) — Renaissance Oil Corp. announced that in the second quarter of 2018 it saw continued oil field development with its partner LUKOIL, at the Amatitlán block in Veracruz, Mexico.

During the quarter, six additional wells were drilled intersecting the shallow Tertiary aged Chicontepec formations. To date sixteen Chicontepec wells, of a seventeen well program, have been drilled with the drilling of a seventeenth well now underway.Eleven of the new wells have undergone completion operations and been brought onto production with further completions expected to be concluded in the coming weeks. Renaissance has also completed workovers and repair operations on eight wells of the scheduled workover program.

Renaissance produced 1,656 boe/d at the Mundo Nuevo, Topén and Malva blocks (the Chiapas Blocks). The rising prices for crude and natural gas continued into the second quarter of 2018 resulting in a record high quarterly revenue of $7 million. The company is currently contracting drilling services and awaiting rig certification to initiate the Chiapas development program. This drilling program of four new wells and a series of workovers to existing wells, is expected to increase the company’s production base in Mexico.

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