Citla Energy Wins Fourth Hydrocarbon Exploration and Production Contract

Source: www.gulfoilandgas.com 4/9/2018, Location: South America

Citla Energy, SAPI de CV, an independent Mexican hydrocarbon exploration and production company, has won its fourth production-sharing contract as part of Round 3.1 of the Mexican Energy Reform. The newly won contract is associated with "Block 15," a geographic area located in the Tampico Misantla basin of the Gulf of Mexico, covering about 962 km2. With the addition of "Block 15," Citla's portfolio has abundant prospective resources throughout an area of 2,581 km2 and geologic diversification across the two most important and prolific basins in the country – the South East and Tampico-Misantla basins. Citla has obtained this award in a 50/50 consortium with Cairn Energy PLC as operator.

Citla's success in Round 3.1 is another important step in the Company's strategy to build a strong portfolio of carefully selected assets in Mexico, through active participation in the Mexican Energy Reform, both independently and in partnership with other participants.

Citla is an independent Mexican oil company founded in 2015, with a strong institutional investor base that includes international and local funds managed by affiliates of ACON Investments, L.L.C. ("ACON"), including capital from some of the largest Mexican pension funds, as well as other institutional investors.

Alberto Galvis, CEO of Citla, commented: "The award of this contract is another milestone in our growth and diversification strategy, and one that consolidates Citla's platform as one of the few leading Mexican companies in the nascent oil and gas sector in the country."


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