(Renaissance Oil Corp. 9.Jul.2018) – Renaissance Oil Corp. recently signed a Right of First Refusal (ROFR), for the Pitepec block, adjacent to the north of the Amatitlán block in the Tampico Misantla Basin.
“As a result of our comprehensive analysis, the Pitepec block displays all of the attributes of a premier unconventional tight oil play,” said Renaissance Chief Geochemist Dan Jarvie in a company statement.
The Pitepec property, spanning over 248 km2 (61,300 acres), is currently producing 1,487 barrels per day (b/d) of light oil from the shallow Chicontepec formation and, importantly, much like the Amatitlán block, is in the main Upper Jurassic shale fairway, announced Renaissance in an official statement. While the more shallow Chicontepec formation has been the predominant producing zone for the Pitepec block to date, Renaissance’s log and core analysis from previous wells testing the unconventional Upper Jurassic shale formations indicate these deeper source rocks are high potential reservoirs for commercial development. The ROFR expires on May 31, 2019.
“The Upper Jurassic shales are organically rich with thermal maturity measurements indicative of greater than 40-degree API light oil. The high carbonate content (averaging over 50%) is indicative of a brittle rock fabric that readily fractures and releases retained oil,” said Jarvie.