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."
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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.