06.08.14 - 13:27 Uhr
 
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
6 August 2014
MX Oil plc (MX Oil or the Company)
Senate Gives Final Approval for Mexican Energy Reform

Further to the Companys announcement on 16 and 23 July 2014, MX Oil plc, the AIM listed oil and gas company focused on the re-opening Mexican energy sector, is pleased to note that, following approval from the Lower Congress, the Mexican Senate gave final approval early on Tuesday with regards to the legislation required to reopen Mexicos vast energy industry to the private sector.

Senators are currently debating the other supporting bills and once these are approved, President Enrique Pena Nieto will be able to give the final seal of approval on the energy overhaul.

MX Oils Chief Executive Officer Stefan Olivier said, "The timing of these transformational reforms in Mexico could not come at a better time for MX Oil. Having just announced the signing of a JV with a highly established Mexican partner, Geo Estratos, appointed two extensively experienced directors to our Board, and raised 2 million, we are in an ideal position to focus our efforts on unlocking the massive potential that the re-opening Mexican energy sector has to offer. I look forward to providing further updates at this exciting time."

Background Information on Mexican Energy Reforms

The secondary laws currently being finalised follow the passing of energy reforms in December 2013. The reforms are focused on reversing a decline in oil and gas production in Mexico over the past decade by ending state-owned Pemexs monopoly and, in the process, opening up the sector to foreign investment and expertise. The secondary legislation is required to provide the necessary framework and rules that will allow this reform to be implemented in practice.

* * ENDS * *

For further information please visit 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
(co-Broker)
Nick Bealer

St Brides Media & Finance Ltd
(Financial PR)
Lottie Brocklehurst
Frank Buhagiar

+44 20 7710 9612

+44 20 7236 1177

[cid:image002.png@01CECBDD.61F8A860]

Lottie Brocklehurst
St Brides Media & Finance Ltd
3 St Michaels Alley, London, EC3V 9DS<
<
Tel: 0207 236 1177 | Mob: 07917010468 | Twitter: @StBrides1




Products & Services | Jobs