HEVI is actively engaged in the process of acquiring significant working interests in prospective oil exploration and production blocks currently not under contract in Guatemala. Several under-explored blocks in the northern portion of Guatemala (outlined in yellow) are expected to be up for bid in November. These blocks are on trend and geologically similar to the oil producing Xan and Chocop Fields in Guatemala and the Spanish Lookout and Never Delay Fields in neighboring Belize.
With little oil exploration since the 1980s, HEVI believes Guatemala presents significant value creation opportunities for shareholders. The country has large under-explored regions with hydrocarbon systems that should benefit from the deployment of advanced seismic to define highly probable and profitable drilling targets.
HEVI is in the process of negotiating with prospective partners to share in the exploration risk and knowledge while retaining significant working interests in the blocks being auctioned in the upcoming 2012 bid rounds as well as acquire interests in blocks currently being explored.