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A P R I L / M A Y 2 0 1 8 www.resourceworld.com 65 The product of TEC-10 is under con- tract through 2018 to the former national monopoly Pemex, whose nearest facility is just 35 km away by tanker truck and which pays a combination of rent and WTI that is $20-$25 more than producers get in Canada. "After 2018 we can market to who- ever we want worldwide," said Hanson. He said the regulatory regime posed some challenges for them. Much of the documentation was more detailed and more extensive than in Canada, perhaps because the process is new to Mexico. "They are extremely thorough," Hanson said. "We were impressed with the thor- ough and detailed process." The process has some benefits and Mexico is "absolutely open for business" but he admitted it slowed things down more than usual. "They do plan to streamline over time," he noted. "They're learning." Hanson said the firm is excited at this opportunity and its position as the first outside firm to be awarded drilling rights in 80 years and they are determined to advance further. Of course, with the opportunity come challenges, including how to continue growing. But the company sees solid prospects for the future, and is determined to become an energy leader in Mexico. IFR believes that there are a significant number of underex- ploited oil and gas fields that will be issued in future bidding rounds. IFR and Idesa have agreed to jointly fund Tonalli costs for Tecolutla and the technical evaluation required. In July, the largest onshore bid round in the country's history will take place and IFR and Tonalli plan to be an "aggressive" bidder in hopes of gaining some "running room," Hanson said. And in September they plan to participate in bidding in an uncon- ventional round."I believe this will be a huge year for Mexico's energy sector." n * Resource World does not sell your information to third parties #604-700 W Pender St., Vancouver BC V6C 1G8 Canada online at www.resourceworld.com or phone 1.877.484.3800 SAVE 50% up to Resource World (Print and Digital Edition) 1 Year/6 issues (CAD $24.95) Resource World (Digital Edition) 1 Year/6 issues (CAD $12.95) Resource World International (outside Canada and USA (Print and Digital Edition) 1 Year/6 issues (CAD $99.95) NAME ADDRESS TEL EMAIL A view of the International Frontier- Groupo-Idesa Tecolutla Oil and Gas Development Onshore Block. Photo courtesy International Frontier Resources Corp.