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Cheiron/PICO Petroleum Corporation Wins Mexican Cardenas-Mora Onshore License Bid

Cheiron Petroleum Corporation is pleased to announce that its wholly owned subsidiary Cheiron Holdings Ltd (the “Company”) placed the winning offer to partner with Pemex on Mexico’s onshore Cardenas-Mora license. The offer included a cash bonus of $41.5 million plus an amount to be paid in recognition of Pemex’ previous investments on the block. Under the terms of the license contract, the Company will acquire Operatorship and a 50% interest in the block and Pemex will retain the remaining 50% interest.  The contract represents one of the first new tax and royalty based agreements to be awarded after the recent liberalisation of the Mexico’s oil and gas sector.

The Cardenas-­Mora block is located approximately 35 km south-east of Comacalcoand covers an area of 168 sq km. The block contains two mature oil fields (Cardenas and Mora) which contain significant remaining reserves held in fractured carbonates reservoirs in the Upper Jurassic and Lower Cretaceous formations. The fields have historically been produced under primary depletion and the Company plans to increase withdrawal rates through a production optimisation program involving workovers, sidetracks and artificial lift enhancements.

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PICO Technologies (PT) is a member of PICO Energy Group. PICO Energy Group has an established Well Testing business unit that provides Surface Well Testing to high profile E&P clients across the globe in The Middle East; Mexico. 

Now October 2016; Surface well Testing Services expanding in the USA market under the umbrella of PICO Technologies concentrating on South Texas Market and the Eagle Ford reservoir. 

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PICO Technologies at OTC 2016 Houston Booth # 7111

Come meet our team at the OTC, Booth # 7111, At the NRG Arena, May 2 - May 5 2016 Houston, Texas

Register for a 1-Day pass Here 

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Egyptian Minister of Petroleum and Mineral Resources' visit

May, 13, 2015 - PICO Technologies was honored after the OTC Houston 2015 when Egypt Petroleum and Mineral resources Minister, Mr Sherif Ismail, visited the company's office and warehouse located at Houston Energy Cooridor.

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Patent application title: Electronics for a thin bed array Induction logging system
Assignees: PICO Technologies LLC 

USPC Class: US 14/493,965
 Pub. date: Jan 8, 2015

Patent application number: US2015008928 A1

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