IFR and Kinjal Bolster Mexican Gas Assets with Tonalli Acquisition

IFR and Kinjal Corporation are making significant moves in Mexico's oil and gas sector. The two companies have announced the execution of definitive agreements to consolidate their assets, with IFR's Petro Frontera S.A.P.I. de C.V. acquiring a 57.37% stake in Tonalli Energía, S.A.P.I. de C.V.

Tonalli is the operator and holds a 100% interest in the A24.TM Tecolutla field, located in Veracruz state. The deal would give IFR full ownership of the field, which has significant potential for domestic gas supply in southern Mexico.

Kinjal Corporation has also signed a farm-in agreement with Jaguar Exploración y Producción de Hidrocarburos, S.A.P.I. de C.V. covering the CS.06 and A10.CS natural gas blocks in southern Mexico. The company may earn up to an 80% working interest in each block by funding 90% of a work program.

Mexico is seeking to increase domestic energy production, and Kinjal's CEO, Warren Levy, believes that the Jaguar assets could provide a meaningful platform to help meet that objective. The company aims to demonstrate the potential for additional domestic gas supply in southern Mexico through its operations.