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RNS Number : 0863J

MX Oil PLC

01 April 2015

MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas

1 April 2015

MX Oil plc ('MX Oil' or the 'Company')

Update on Mexico's Energy Bid Round

MX Oil plc, the AIM quoted oil and gas investment Company focused on the re-opening Mexican energy sector, notes the recent comments made by Mexico's Secretary of Energy, Pedro Joaquin Coldwell, that the tender for mature onshore conventional fields in the states of Tabasco, Veracruz and Tamaulipas, in which MX Oil intends to participate in, will open by the end of April 2015.  The tender, known as Bid Round 1, is the latest step in Mexico's move to allow foreign companies to own and produce oil, ending a 76-year-old state monopoly.

MX Oil is primarily focused on securing onshore conventional acreage in Mexico which remain attractive at current oil prices due to having low production costs.  As well as participating in Bid Round 1, the Company is also working alongside its partner Geo Estratos, a leading local oil and gas services provider, to secure existing fields operated by Pemex, the state-owned national oil company, via farm out agreements.

MX Oil's Chief Executive Officer Stefan Olivier said, "We are excited to hear that the tender process for mature onshore fields in Mexico is due to commence in just a matter of weeks.  MX Oil is focused on securing acreage on these large conventional fields which boast some of the lowest breakeven oil prices in the world.  Behind the scenes we have been working hard to ensure that once the tender process commences, we are able to hit the ground running so that we are well positioned to secure company-making oil and gas assets and deliver on our objective to build a leading Mexican focused oil and gas company."

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For further information please visit www.mxoil.co.uk or contact:

MX Oil PLC Stefan Olivier, CEO	+44  20 7710 9618
Cairn Financial Advisers LLP (Nominated Adviser) Jo Turner/Liam Murray	+44 20 7148 7900
Hybridan LLP (Lead Broker) Claire Louise Noyce Niall Pearson	+44 20 3713 4581
Cornhill Capital (CoBroker) Nick Bealer St Brides Partners Ltd (Financial PR) Lottie Brocklehurst Frank Buhagiar	+44 20 7710 9612 +44 20 7236 1177

This information is provided by RNS

The company news service from the London Stock Exchange

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