Block 7
Block 9
Block 10
Capricorn has interests in four blocks in the Gulf of Mexico, two as Operator: Blocks 9 (Capricorn 50% WI) and 15 (Capricorn 50% WI), and two as non-Operator: Blocks 7 (Capricorn 30% WI) and 10 (Capricorn 15% WI).
Capricorn’s final commitment exploration well in Mexico, Yatzil-1X in Block 7 (Eni Operator) was drilled in Q1 2023 and discovered hydrocarbons. According to preliminary Operator estimates, around 200 million barrels of oil may be in place and the Operator is examining options to determine commerciality. Capricorn internal analysis led to the decision not to participate in the forthcoming phases and the Company has therefore informed partners of its decision to withdraw from the Block 7 licence. Capricorn’s withdrawal processes in Blocks 9 and 10 and the JV relinquishment process in Block 15 are ongoing with completion expected during the course of 2023.
Case Study
Turtle Conservation Support in Mexico
Total hatchlings released in 2021 (all species): 80,896 (2020: 93,193)
| Kemp's Ridley turtles | 2021 | 2020 |
| Total nests | 728 | 759 |
| Nests protected | 728 | 759 |
| Eggs protected | 71,344 | 74,493 |
| Hatchlings released | 67,367 | 69,493 |
In 2020, we carried out a Critical Habitat Assessment and a Biodiversity Impact Assessment for Block 9 offshore Mexico. This identified that the project is located within an area assessed to be Critical Habitat for the endangered Kemp’s Ridley sea turtle.
Although our activities were judged to have no impact on the species, we looked to achieve a ‘net gain’ by contributing to the efforts of a local turtle conservation group, Vida Milenaria, based in Tecolutla on the Gulf coast. We donated US$12,000 to fund the purchase of an all-terrain vehicle (ATV) and fuel for one year, to support its beach patrols to protect turtle nests and observe hatchings. During the 2021 season, the ATV covered around 6,000 km while patrolling the beaches.
The 2021 nesting season, which ran from March to September, was affected by hydrocarbons appearing on local beaches in April and Hurricane Grace hitting the region in August. Vida Milenaria helped to alert the authorities to the hydrocarbons’ appearance, which occurred during the nesting season, and was heavily involved in the subsequent clean-up efforts. Hurricane Grace made landfall in Tecolutla itself, causing severe damage. Again, the NGO supported the local community in the aftermath, helping to distribute provisions and coordinate donations to ensure they reached those most affected.
Vida Milenaria continued its important conservation work in the face of these difficulties, recording protected nests, protected eggs and hatchlings of the Kemp’s Ridley, green sea and hawksbill turtle species released to the sea. Overall numbers in 2021 were lower than 2020, due to the impact of these unexpected events, but the Kemp’s Ridley turtle fared better than other species, as its nesting season finished before the hurricane struck.
We continue to engage with Vida Milenaria and monitor its important work.