CNH Approves PEMEX Ocuapan-401EXP Drilling Project

CNH has approved a request from PEMEX Exploration and Production to drill the onshore exploratory well Ocuapan-401EXP. This project is in the state of Tabasco, 26.8km southwest of Cardenas, and is part of the Incremental Scenario of the Exploration Plan for the AE-0143-3M-Comalcalco Assignment, which was approved by CNH on Feb. 9, 2023.

The primary goal of this drilling operation is to discover a commercial accumulation of gas and condensate in the Upper Jurassic Kimmeridgian dolomites. The well will be drilled directionally in a "J" shape, reaching a total vertical depth of 6,570m below sea level and a measured depth of 6,790m below sea level. The prospective resources at risk are estimated at 5.8MMboe, with a 58% probability of geological success.

The Drilling and Completion program for the well is designed to last a total of 189 days. The drilling phase is expected to take 147 days, from Dec. 10, 2024, to May 5, 2025, while the completion phase will take 42 days, from May 6 to June 16, 2025. The total estimated cost of the project is US$53.6 million, with US$46.2 million allocated for drilling and US$7.4 million for the completion of the well.