TSX-V-listed International Frontier Resources (IFR) announced Friday that Tonalli Energia met all the terms and conditions and signed a license contract with the Mexico Comision Nacional de Hidrocarburos (CNH) for the Onshore Oil and Gas Development Block 24 (Tecolutla), granting Tonalli the right to develop and produce hydrocarbons.
Tonalli Energia, a Mexican company with the ownership split equally between IFR and Mexican petrochemical leader Grupo Idesa, signed the agreement on Thursday, marking a significant milestone for the companies eager to establish oil and gas operations in Mexico.
