Northcote Energy Ltd / Index: AIM /
Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
9 October 2015
Northcote Energy
Ltd (‘Northcote’ or ‘the Company’)
Update on Mexico
Bid Round
Northcote (AIM: NCT) is pleased to provide an update on the
progress it has made in Mexico
with regards to the due diligence it has been undertaking in
contemplation of participating in Phase III of Round 1 of the
National Hydrocarbons Commission’s ('CNH') tender process and the
ongoing efforts made by the Company to secure onshore conventional
concessions during this period of re-opening and privatising the
Mexican energy sector.
Having announced on 4 September
2015 the decision to enter the CNH data room with the
intention of participating in Phase III of Round 1, Northcote
confirms that following its initial evaluation of the available
fields, the Company has now submitted its pre-qualification filing
for approval by the CNH.
In this third phase, 25 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. In pursuing this opportunity the
Company has custom assembled a multi-disciplinary bid team to
evaluate the fields. Heading this team is seasoned
international oil and gas professional, Christopher Newport who, subject to a successful
bid, will serve as President of Northcote Energy’s Mexican upstream
oil and gas business.
Chris has over thirty years upstream, midstream and downstream
experience in the oil and gas business and has worked globally to
bring to production and commercialise over 1.4 Bcf per day of gas,
60,000 bopd of liquids and over 900 km of gas pipelines. This
experience, combined with the proven track record of the assembled
team, position Northcote to evaluate, bid and if successful, secure
assets in this bid round and bring those development oil and gas
assets to production.
Northcote Managing Director Randall J.
Connally said, “We are very excited about the potential
inherent in many of the oil and gas fields we have evaluated to
date and are finding interesting opportunities and upside that we
believe we can exploit with the top tier, multi-disciplinary team
of oil and gas professionals we have secured for this venture.”
Chris Newport said “This CNH bid
round for onshore assets represents a timely and strategic entry
point for Northcote into the upstream oil and gas sector in
Mexico. The management team is currently working to secure
development assets from this round to build a platform upon which
the Company may further grow its Mexican upstream business in
partnership with the Government of Mexico, industry regulator CNH and other
Mexican industry partners. The strength and track record of
the Northcote team in the development of oil and gas assets from
well-head to customer and skill in developing emerging energy
markets has the Company well positioned to become a significant and
successful contributor to the energy industry in Mexico in the near term.”
* * ENDS * *
For further information visit www.northcoteenergy.com or contact
the following:
Randy Connally |
Northcote Energy Ltd |
+1 214 550 5082 |
Dan Jorgensen |
Northcote Energy Ltd |
+44 20 7236 1177 |
Roland Cornish |
Beaumont Cornish Ltd |
+44 20 7628 3396 |
James Biddle |
Beaumont Cornish Ltd |
+44 20 7628 3396 |
Elliot Hance |
Beaufort Securities Ltd |
+44 20 7382 8300 |
Nick Bealer |
Cornhill Capital Limited |
+44 20 7710 9612 |
Elisabeth Cowell |
St Brides Partners Limited |
+44 20 7236 1177 |
Notes:
Northcote Energy Limited is an entrepreneurial energy company
with diverse interests. The Company combines a portfolio of
US exploration and production assets in Louisiana and Oklahoma with the development of new business
opportunities in the US and also in Mexico, such as its agreement with Gaia
Ecologica as well as Indonesia via
a strategic relationship with CEB Resources.