Northcote Energy joint venture wins first contract

Northcote Energy’s joint venture, Mayan Drilling Fluids (MDF), has won its first contract.

The contract has a potential value of around $887,500 and will see MDF operate as a sub-contractor responsible for the remediation services on contaminated land at four different locations. The services will be completed over the next three to four months and will be performed using existing resources available to the joint venture, the oil and gas company said.

Northcote’s managing director, Randall J Connally said: “This initial contract is an excellent first step for our Mexican joint venture and validates our belief in the market opportunity. The cashflows have the potential to make a significant contribution to the costs of completing our remediation plant. In addition, this work can be undertaken using the joint venture's existing resources without affecting our ability to complete our plant on schedule.”

At 1117 BST, Northcote shares were up 2.4% at 0.1587p.