Hokchi Energy Set for Two-Well Drilling Campaign off Mexico

Hokchi Energy, one of Mexico's largest private oil producers, plans to begin drilling two exploratory wells at the Woolis and Tojol prospects in shallow Gulf of Mexico waters, it said in a statement on Wednesday, adding that combined these had a 50% chance of containing 100 million barrels of oil equivalent.

While exploration activity by private producers has been relatively limited in recent years, drilling by Hokchi, the Mexican subsidiary of Pan American Energy, is being closely watched. The wells will test whether additional resources can be found near existing discoveries.

The two wells target prospective resources that Hokchi hopes to convert into contingent resources and eventually commercial reserves.

Fontis Energy's Oberón jack-up rig, a mobile offshore drilling platform, is already on site off Coatzacoalcos in Veracruz state.

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