Category: Uncategorized

PICO Cheiron Group wins Mexican Cardenas-Mora onshore license bid

The PICO Cheiron Group (the “Group”) 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…

PICO Cheiron Completes Acquisition of West El Burullus Concession

PICO Cheiron Group is pleased to announce the complete acquisition of 100% working interest in the West El Burullus Concession from the French energy group Engie, following the Minister of Petroleum’s approval of the Deed of Assignment. West El Burullus and its satellite field Papyrus are shallow-water gas discoveries located in the western part of the Nile Delta Basin in the vicinity of major producing fields such as Abu Qir and Rosetta. Project sanction is currently planned in 2018 and…

New CEO for PICO International Petroleum and Cheiron Petroleum Corporation

Ian Hewitt has stepped down as Interim CEO after successfully leading a substantial turnaround of the E&P business delivering significant production, reserves and NPV add. In response to low commodity prices the shareholders asked Ian to step in in early 2016 to improve the robustness and resilience of the business. Restructuring activities over the past 14 months have included changes to the Board and Governance processes in the Company, along with planning and organisational improvements designed to enhance performance. The…