RENAISSANCE TO DEVELOP AMATITLAN BLOCK WITH LUKOIL

Renaissance Oil, based in Vancouver, Canada, announced that LUKOIL, one of the world’s largest oil producers, has chosen Renaissance as their partner for the Integrated Exploration and Production Contract for the 230 km2 (56,800 acres) Amatitlán block, near Poza Rica, Veracruz, Mexico. The Amatitlan block is located within the Tertiary aged Chicontepec paleochannel formation, in East Central Mexico. The Chicontepec formation, referred to as Aceite Terciario del Golfo in Mexico, covers approximately 3,800 km2 and contains the country’s largest hydrocarbon resource, with certified original oil in place estimated at 59 billion barrels of oil equivalent. Discovered in 1962, and still largely undeveloped, the main field Amatitlan has produced over 175,000 bbls of light oil ranging from 34° to 44° API with peak production of 650 bbl/d in 2005. As a result of the lack of recent drilling and development activities on the Amatitlan Block, production has currently declined to negligible volumes. Renaissance will take the lead role in operations. (Source: Renaissance Oil)