Latina Group Option Expired and was replaced with ROFR The article about the Option with Latina Group is an old article. That Option has expired. Renaissance has obtained a right of first refusal with respect to acquiring an interest in the Latina Groups’s neighbouring property.
See the News article on the ROE Website of July, 9, 2018.
Pitepec Block Right of First Refusal
Renaissance recently signed a Right of First Refusal (“ROFR”), for the Pitepec block, adjacent to the north of the Amatitln block in the Tampico Misantla Basin. The Pitepec property, spanning over 248 km2 (61,300 acres), is currently producing 1,487 bbls/d of light oil from the shallow Chicontepec formation and, importantly, much like the Amatitln block, is in the main Upper Jurassic shale fairway. 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.