RE:RE:RE:RE:RE:Q2 results?I guess since all our posts since you created your account in late 2015 and only on ROE which just happens to be when the bidding of blocks started are all negative I can post the positive side.
Another presenter at the conference was Renaissance Oil Corp. (ROE), up half a cent to nine cents on 576,500 shares. Renaissance has an interesting backer in director Ian Telfer, who is better known as a gold promoter and is currently the chairman of Goldcorp. He and oil man Craig Steinke, Renaissance's president and CEO, founded the company in 2011 to look for shale in Europe. When that failed to work out, they turned their attention to Mexico. Thanks in large part to Mr. Telfer's influence, in 2014 Renaissance was able to persuade Halliburton to help it out in Mexico, and in late 2015, Renaissance became the only Canadian company to win any oil contracts in the country's onshore block auction. Much of this is thanks to "our ambassador" Mr. Telfer, said Kevin Smith, Renaissance's vice-president of business development, at the conference. Mr. Smith explained that Renaissance won three oil blocks in the Mexican auction and is looking forward to starting operations at them. The three blocks are called Mundo Nuevo, Topen and Malva, and they once produced at peak respective rates of 15,000, 1,500 and 2,000 barrels of oil and liquids a day (not counting gas), said Mr. Smith. They are now producing at respective rates of just 130, 280 and 270 barrels a day. Through drilling and workovers, Renaissance reckons that it can boost Mundo Nuevo's production by 20 to 30 times, boost Topen's production by 10 times and get Malva back up to peak levels, providing a "very good baseline of platform for our growth organically," said Mr. Smith. Renaissance is also interested in what Mr. Smith would presumably call "inorganic growth," meaning acquisitions. First, though, it will likely want to nail down ownership of its current assets. Though it won them in the auction, it still has to receive Mexican regulatory approval to execute the contracts. The provisional plans to do so were submitted about three weeks ago. Renaissance said at the time that it expected approval by May 13.