Northcote is pleased to announce that, further to its previously announced intention to secure and develop onshore conventional fields in Mexico, the Company has registered for, and been granted, access to the data room being administered by the National Hydrocarbons Commission ('CNH') in order to assess such development opportunities. This is part of the ongoing reopening of the vast Mexican energy sector to international companies.
Northcote is participating in Round 1 of Phase III of the CNH’s tender process. As part of Phase III, a total of 26 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to companies that satisfy the pre-qualification requirements and win the subsequent tender process. It is anticipated that concessions under Phase III will be awarded in December 2015. Northcote is preparing its prequalification package and will announce further information on its progress in due course.
Whilst the Company is participating in the CNH tender process independently of MX Oil PLC, it still expects to participate in development opportunities identified by MX Oil PLC, as and when those opportunities arise.
Northcote Vice President – Mexico, Abraham Achar, said, "We believe this is a natural next step to leverage the relationships and business activities in which we are already engaged in Mexico, such as the ongoing construction of our first scalable environmental waste remediation facility in the State of Tabasco. We are very excited to have this opportunity to potentially increase our activity in what we continue to believe will be the most exciting energy story for the next decade."
