Area 4 comprises the proven but undeveloped Ichalkil and Pokoch fields, and is located in the Bay of Campeche at water depths of 100–150 ft. Fieldwood will serve as operator of Area 4 and has partnered with PetroBal, SAPI de CV, a subsidiary of Grupo Bal, a Mexican conglomerate engaged in the mining, financial, retail, and educational industries.
The signing of the Area 4 contract represents Fieldwood’s inaugural investment in Mexico. The company will begin a two-year appraisal period in Area 4, beginning early this year, during which time Fieldwood intends to conduct a limited drilling program and technical evaluation process.
Fieldwood is a Houston-based portfolio company of Riverstone Holdings LLC. The company is focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. Fieldwood is led by CEO Matt McCarroll and other former senior executives of Dynamic Offshore Resources and Apache Corp.