Northcote Energy to take part in Mexican field bid round

Shares in Northcote Energy jumped up after the company confirmed that it is participating in the Mexican onshore field bid round and has registered for and been granted access to the data being administered by the National Hydrocarbons Commission to assess opportunities.

Northcote said it is participating in Round 1 of Phase III of the tender process. As part of the process, 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’s expected that concessions under Phase III will be awarded in December 2015.

Northcote said it’s preparing its pre-qualification package and will announce further information on its progress in due course.

The company’s vice president for 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."

At 0915 BST, Northcote shares were up 7.5% at 0.1828p.