CaribX Ups Stake in Cape Licence Off Honduras

The Central American and Caribbean specialist exploration company CaribX said that it is increasing its share of the Main Cape Operating contract in Honduras.

Following government approval CaribX will hold a 55% interest in the highly prospective licence area.

CEO Rory Scott Russell said: "We are pleased to have closed this latest round of funding and delighted to have such a highly qualified and experienced group of explorers and entrepreneurs joining the company. Attracting the team behind Sierra and the giant Zama discovery demonstrates the enormous potential offshore Honduras, and in the region, as well as the subsurface similarities to the super-giant oil fields of Mexico."

Rory added: "Combined with Armando Zamora’s experience with regulatory and government affairs, and our existing deep technical knowledge, CaribX has a world-class leadership team to take the company forward and address the many opportunities emerging in the region. Our first step is to increase our interest to 55% in the Main Cape licence in Honduras before drilling, which is expected in 2021-2022. This marks an exciting new chapter in our company’s history."

In 2017 CaribX acquired a 15% non-operated interest in the Main Cape licence area offshore Honduras. The 35,000 square kilometre area encompasses the shallow water Mosquitia basin, and the deepwater Patuca basin.

CaribX also has closed its latest funding round with a consortium of institutional and private investors to fund its work program obligations, business development and regional growth plans.

Ivan Sandrea, recently CEO and founder of the first independent Mexican E&P company Sierra Oil and Gas (acquired by Wintershall DEA in 2019), has joined the board of directors. Ivan brings a wealth of industry and regional experience to the company as it starts a new chapter in its history.

In addition, Mark Shann, former Technical Director of Sierra, and Dr Armando Zamora an expert on energy policy and the Latin American region and ex-Director General of Colombian regulator the ANH, will join Caribx’s advisory panel.

Ivan, Mark and Armando will join CaribX’s existing management team of Rory Scott Russell (CEO), Chris Matchette-Downes (CTO) and Dr Chris Atkinson (Chairman).