Oberón jackup on location for Hokchi Woolis and Tojol wells

Hokchi Energy lined up a two-well exploration campaign at the Woolis and Tojol prospects in shallow waters off Veracruz state, Mexico. The operator, a Mexican subsidiary of Pan American Energy, estimates the two prospects combined have a 50% chance of holding 100 million boe.

The Oberón jackup is already on site off Coatzacoalcos. Drilling of the first well, Woolis-1EXP, is set to begin in the third week of November and finish in early 2027. The second well will follow and is expected to finish in Q1 2027. Each well will reach about 1,500 m, with planned investment of about $60 million for the pair.

The work falls under a 2018 production-sharing contract in which Hokchi holds 75% and its affiliate Xaxamani Energy holds 25%. The nearby Xaxamani discovery, with more than 130 million boe in 3P reserves, is under development, with production expected in the near future. If Woolis and Tojol are confirmed, the companies would look to develop them together with Xaxamani to share infrastructure and cut costs. Hokchi will evaluate the results first and could follow with a delineation campaign depending on the volume found.