Renaissance has made significant progress in the initiation of its field evaluation program at the Amatitlán block in Veracruz, Mexico, including the repair of approximately 30 kms of existing community roadways and the building and reconditioning of several large multi-well pads for drilling and workovers. The Company has now conducted workover and repair operations on four wells of a scheduled six well workover program. The Comisión Nacional de Hidrocarburos (the "CNH") has approved drilling permits for the Chicontepec multi-well drilling program on the Amatitlán block with drilling rig mobilization expected to commence early December 2017.
The Company is diligently working to obtain the permit to spud a deeper unconventional well on Amatitlán targeting the Upper Jurassic shale formations. Renaissance plans to drill an initial vertical hole to evaluate the entire Upper Jurassic section, followed by a horizontal well within a specifically targeted Upper Jurassic interval and complete the well with a high energy stimulation. Based on proprietary geochemical evaluation, Renaissance believes the Upper Jurassic section throughout the Amatitlán block is a high potential reservoir. Based on the success of the first well, the 60,000 acre block has the potential for an aggressive unconventional development program. Renaissance has taken the lead role in operations and holds options to increase its interest in Amatitlán to 62.5% of current partner's interest, upon successful development of the property.
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