Astar Minerals PLC Update on Mexico Energy Reform (0463N)
23 July 2014 - 4:02PM
UK Regulatory
TIDMASTA
RNS Number : 0463N
Astar Minerals PLC
23 July 2014
Astar Minerals / Ticker: ASTA / Index: AIM / Sector: Oil &
Gas
23 July 2014
Astar Minerals plc ("Astar" or the "Company")
Update on Mexico Energy Reform: Senate Approves Key Bills
Astar Minerals plc is pleased to note that, further to the
Company's announcement on 16 July 2014, the Mexican Senate has now
approved the key bills with regards to the legislation required to
reopen Mexico's vast energy industry to the private sector.
The bills have now been passed to the Lower House of Congress
for final approval which is expected by the beginning of August
2014, prior to being formalised into Mexican legislature by
President Enrique Pena Nieto. Additionally, Lower House committees
passed a hydrocarbons law on Monday that details the fine print of
potentially profitable hydrocarbon licences and contracts that
will, following the final Congress approval, be offered to private
investors.
Astar's Chief Executive Officer Stefan Olivier said, "With the
final approval of Mexico's energy reforms in sight following the
passing of bills by the Senate, we are eager to hit the ground
running in the coming months. With this in mind, we are in the
process of finalising our joint venture with Geo Estratos, a local
and longstanding oil services provider that is well placed to
secure oil and gas concessions and contracts via formal bid rounds
and through its existing commercial relationships. I look forward
to updating the market on the finalisation of the legislation
process in the coming weeks and, subsequently, our progress in
unlocking the significant hydrocarbon potential Mexico has to
offer."
Background Information on Mexican Energy Reforms
The secondary laws currently being considered by Congress follow
the passing of energy reforms in December 2013 focused on reversing
a decline in oil and gas production in Mexico over the past decade
by ending state-owned Pemex's 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 www.astarminerals.com or
contact:
Astar Minerals plc
Stefan Olivier, CEO +44 20 7710 9618
Cairn Financial Advisers LLP
(Nominated Adviser)
Jo Turner/Liam Murray +44 20 7148 7900
Cornhill Capital
(Broker)
Nick Bealer +44 20 7710 9612
St Brides Media & Finance Ltd
(Financial PR)
Frank Buhagiar
Lottie Brocklehurst +44 20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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