Citla Energy, an independent Mexican oil & gas exploration and production company, has signed three hydrocarbon exploration and production contracts as part of Mexican Round 2.1. The blocks were awarded under production sharing contracts with a duration of up to 40 years (30 years plus two 5 year extensions) and are located in the south east of the Gulf of Mexico, one of the most prolific and under explored shallow water basins in the world, covering ca. 1,500km2, in water depths of 100-500 meters and approximately 50 kilometers offshore, in good proximity to Pemex’s existing infrastructure and close to areas where recent significant discoveries have been announced. The contracts Citla has signed are associated with the following blocks in consortiums with ENI of Italy and Cairn Energy PLC:

• Block 7:  Citla (25%), ENI (45%, operator), Cairn (30%)
• Block 9: Citla (35%), Cairn (65%, operator)
• Block 14: Citla (40%), ENI (60% operator)

Citla’s success in Round 2.1 is a major step towards the Company’s strategy to build a robust portfolio of highly selected offshore and onshore assets in Mexico through active participation in the Mexican Energy Reform, both independently and in partnership with other industry participants. With these contract awards, Citla has strengthened its position as a leading local player in the nascent Mexican oil & gas industry and as an institutional partner of choice for a select group of international oil and gas operators.

Citla is an independent Mexican oil and gas company founded in 2015, with strong institutional investors that include international and local funds managed by ACON Investments, including capital from some of the largest Mexican pension funds, as well as IFC, a member of the World Bank Group, and the China Mexico Fund.

Alberto Galvis, CEO of Citla said, 
“Signature of these contracts is a fundamental milestone in our business plan. We are proud and optimistic being part of the partnership we formed with high quality operators such as ENI and Cairn. We are excited about both the potential of these assets and the Mexican Energy Reform in general and look forward to working together with our partners in developing these and other assets in the future”.