(Renaissance Oil Corp. 9.Jul.2018) – Renaissance Oil Corp. received final authorizations from the relevant Mexican authorities to proceed with the development program on the company’s three 100% held producing properties in the state of Chiapas.
This development program, designed to significantly enhance production along with the exploration of new formations, comprises:
- Major work-overs on three existing wells, one at Malva and two at Topén;
- Drilling up to four Cretaceous wells, two at Malva, one Mundo Nuevo and one at Topén; and
- Extensive coring in new zones of interest across the Chiapas Blocks.
Major work-overs are scheduled to commence in August 2018, announced Renaissance in an official statement. The wells are tied into the existing pipeline infrastructure, allowing for immediate increases in production from the average of 1,643 boe/d for the month of May 2018.
The first of the four new wells is scheduled to spud in Q4, 2018. All three of the Chiapas Blocks have infrastructure in place with significant excess capacity to Pemex facilities, allowing for cost effective tie-ins and short cycle time to first production.