PEMEX suspended as a significant oil and gas discovery the Ixachi 1 new-field wildcat (NFW) in the AE-0032 block in the onshore Veracruz Basin during early-November 2017.Â  PEMEX issued a press release on 3 November 2017 indicating the well has estimated in place resources of 1.5 Bboe with recoverable reserves estimated to be potentially in the 350 MMboe range.Â  There was no other detailed information regarding the productive horizon or flow rates but the well was targeting the Middle and Lower Cretaceous Formation, Orizaba Formation.Â  The well reached an as yet unreported final total depth (TD) with the last reported depth being 6,911 m.Â  The NFW was spudded on 25 January 2017 after receiving approval from the CNH on 20 September 2016.Â  The well had a proposed total depth (PTD) of 7,728 m. The Middle and Lower Cretaceous Formation, Orizaba Formation, were the main objectives.Â  The well is a significant Cretaceous test that will represent the deepest well ever drilled in the Veracruz Basin if it reaches its PTD. The well is located in the south central area of the block about 4 km northwest of the Mocarroca 1 NFW completed as a Tertiary oil and gas discovery in 2005.Â  The The Ixachi 1 is located basin-ward of Lower Cretaceous Orizaba Formation producing trend on the Cordoba Platform.Â  This trend produces from the Lower Cretaceous in the Miralejos, Copite, Mata Pionche, and Mecayucan fields. Â The largest field is the Mata Pionche Field that has produced 35.7 MMbo and 209 Bcfg.Â  The reservoirs are fractured low porosity carbonates deposited in a variety of shelf environments.Â  The fracturing in the formations were aided by northwest to southeast Laramide compression and thrust faults. Â  The Ixachi prospect is a four way closure on a northwest to southeast trending anticlinal feature above a basement high. The Middle Cretaceous Formation is the main objectives from 6,368 m to 7,048 m and the Lower Cretaceous Formation is a secondary objective from 7,228 m to 7,498 m.Â  The Middle and Lower Cretaceous formations are speculated to possibly consist of a basin-ward prograding reef and associated facies. It is speculated to be a basin-ward continuation of the Cordoba Platform carbonate trend 20 km to the west and similar to the Golden Lane El Abra reef trend located 200 km to the north.Â  The nearest deep Cretaceous test drilled was the Torcaza 101A located 29 km to the northwest.Â  The well was plugged and abandoned with results unreported, assumed dry hole, in 1981 and a total depth (TD) of 6,741 m.Â  The Mecayucan 1 discovery and field is the principal analogue located 8 km northwest of the Torcaza 101A.Â  The well is located higher on the platform but was productive from the Lower Cretaceous.Â  The Ixachi 1 is a high temperature, high pressure well with target formation temperatures estimated to be 167Â° C and bottom hole pressure (BHP) estimated at 11,305 psi with a wellhead pressure (WHP) estimated at 4,550 psi. The drilling cost for the well is estimated to be USD 27.21 million with exchange rate of 18.3 MXN to 1 USD and completion costs are estimated to be USD 5.9 million.Â  PEMEX estimates prospective resources for the prospect of 128 MMboe. SENER awarded the AE-0032-M-Joachin-02 block entitlement to Pemex 100% through Ronda 0 on 27 August 2014. The block covers an approximate area of 976.40 sq km. Â 
Mexico (Veracruz B.) Ixachi 1 op. by PEMEX (100.0%) in AE-0032 block