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Northcote Energy withdraws from pre-qualification process in Mexico

“Our commitment to Mexico should not be underestimated, we maintain direct, de-risked exposure and access to the bid process through our agreement with MX Oil," Randall Connally said.

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Northcote added that it is very confident in the strength of the MX Oil consortium

Northcote Energy (LON:NCT) has told investors that it has decided to withdraw from the pre-qualification process for Mexico’s next licensing round.

The company has rights to partner with MX Oil (LON:MXO), which has been pre-qualified, and it said it received advice from its Mexican counsel that by withdrawing it would preserves its rights with MX Oil and preserve its ability to participate in future bid rounds, or participate in other joint ventures.

Northcote added that it is very confident in the strength of the MX Oil consortium.

Randall Connally, Northcote managing director, said: “Our commitment to Mexico should not be underestimated, we maintain direct, de-risked exposure and access to the bid process through our agreement with MX Oil, which alongside warrants, confers us the right to participate at a level of up to 20% of their interest in any project they secure.”

He says that the focus for Northcote would now be on the Shoats Creek project, in Louisiana, USA, where it is conducting key infrastructure works which, according to Connally, can “unlock enormous value”.

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