Northcote Energy (LON:NCT) is mulling its potential participation in new projects in Mexico.
It has an agreement in place with AIM peer MX Oil (LON:MXO) giving it the option to take 20% of its partner’s interest in new projects.
MX Oil was last month awarded four onshore concessions in Mexico, alongside its Mexican joint venture partner Geo Estratos, through the country’s licensing round.
Northcote this morning, at the same time as MX Oil gave more details of the assets, told investors that it has 20 business days to elect to participate once it has received formal notification of the awards from MX.
“Northcote continues to review the terms of the awards and information provided by MX Oil and will notify the market of its election in due course,” it said.
