LONDON (ShareCast) - AIM-listed minerals group Astar Minerals has entered into a joint venture agreement with Mexican oil business Geo Estratos, following up on Astar's similar recent agreement with Mexico's Nogal Holdings last month.

The new agreement will form a 51%/49% joint venture between Astar and Geo respectively to jointly evaluate, explore, develop, and produce hydrocarbons in Mexico's energy sector as it reopens to foreign private investment.

Geo Estratos is an established services provider to a number of Mexico's most established participants including Mexico's national oil company and a division of FTSE 100 company Petrofac.

Astar said Geo was a highly competent technical partner with a two-decade track record: "Geo is well placed to secure concessions and contracts via formal bid rounds and through its existing commercial relationships."

Astar said it will seek to provide access to funding and pre-bid expenditure for joint venture projects such as acquisitions of exploration and production assets and the provision of oil services in the country.

Shares in Astar were up 42.55% to 3.35p at 13:40 on Thursday.


WS/OH

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