- Jaguar E&P will assume control of blocks A-10 and TM-01 in its entirety, and will transfer its interest in block CS-01 to Vista Oil & Gas.
- The CNH-approved operation will allow Jaguar to focus on its core business, onshore exploration.
Mexico City, Mexico, August 24th, 2021. – Jaguar, Mexican hydrocarbon exploration and production company, announces that it has concluded its business relationship with Vista Oil & Gas, to adapt the interests of each organization and prioritize the operations that best suit the particular strengths of each operator.
On April 29th, 2021, the National Hydrocarbons Commission (CNH) approved Vista Oil & Gas to transfer its total interest of participation in the license contracts of the TM-01 and A-10 blocks, located in the Veracruz basin, in favor of Jaguar and its subsidiary Pantera, respectively. On August 23rd, the subsequent amendment agreements were signed for the latters to acquire a 100% stake in the rights to the blocks.
At the same time, both companies agreed to fully transfer Jaguar’s stake in block CS-01, located in the Southeast basin, in favor of Vista Oil & Gas, in accordance with what was approved on March 25th, 2021 by the CNH and definitively through the third amendment agreement on August 16th.
The assignment and transfer of rights of the three blocks was channeled through the institutional procedures of the CNH in accordance with the applicable legislation, resulting in the aforementioned authorization and amending agreements.
Through this agreement, Jaguar and Pantera reaffirm their commitment to continue potentiating energy resources in a responsible manner and to focus on land exploration, to continue to positively impact the development of Mexico through natural gas.
About Jaguar E&P
Mexican hydrocarbon exploration and production company, convinced that through energy we can all be the engine to transform the country. Winners of 11 contracts during oil rounds 2.2 and 2.3, focusing on onshore fields, operating responsibly and adhering to high quality and safety standards. Jaguar’s priority is to optimize the exploration of Mexican fields and to continue to positively impact the communities in which it operates. Jaguar is the energy division of Grupo Topaz, a holding company founded in Nuevo León in 2011 and led by Dionisio Garza Sada.
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, or unless otherwise indicated, the current expectations, projections or beliefs of the Company based on the knowledge of facts, circumstances, assumptions or information currently available to the Company. These forward-looking statements necessarily involve risks and uncertainties that may cause the actual results of the Company to differ materially from the Company’s expectations, and even if such actual results are accomplished or substantially achieved, there can be no assurance that they will have the expected consequences or effects. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on the Company, include, but are not limited to: volatility in market prices for oil and natural gas (including as a result of a sustained low oil price environment due to the COVID-19 pandemic and the procedures imposed by governments in response thereto and the actions of OPEC and non-OPEC countries); changes in the economy that affect demand for our products; the impact, duration and spread of the COVID-19 pandemic and its severity, the capabilities of the Company’s protocols to manage COVID-19; uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; the Company’s ability to raise capital and to continually add reserves through acquisition and development; the Company’s ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; the ability to satisfy the Company’s obligations under its exploration and extraction agreements entered with the Mexican Hydrocarbons Commission (Comisión Nacional de Hidrocarburos); political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing on receipt of government approvals; fluctuations in foreign exchange or interest rates and stock market volatility; weather conditions, including, but not limited to, excessive rain and disasters such as earthquakes and floods; the regulatory environment, including environmental, energy and tax related rules and regulations. The information contained in this news release is subject to change without notice, and the Company is not obligated to publicly update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Advisory Note Regarding Oil and Gas Information
Actual oil and natural gas reserves and future production may be greater than or less than the estimates provided in this news release. There is no assurance that forecast prices and costs assumed and presented in this news release, will be attained and variances from such forecast prices and costs could be material. The estimated future net revenue from the production of the disclosed oil and natural gas reserves in this news release does not represent the fair market value of these reserves.
The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.
There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable crude oil and natural gas reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable crude oil and natural gas reserves attributable to any particular group of properties, classification of such reserves is based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary.
The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves could vary from estimates thereof and such variations could be material. All evaluations and reviews of future net revenue are stated prior to any provisions for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned.
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