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Northcote Energy shares up as it disposes CEB investment

Published: 14:49 16 Sep 2015 BST

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Earlier this month, the junior oiler confirmed it was participating in Round 1 of Phase III of Mexico’s onshore oil and gas licensing..

Northcote Energy (LON:NCT) shares surged after it told investors it had disposed of its entire equity investment in CEB Resources (CEB) - an AIM investment firm focused on the Indonesian oil and gas sector.

Northcote, however, said it keeps its option to participate in up to 12.5% of CEB's participation in any concessions or other oil and gas transactions that it secures in Indonesia for five years.

Earlier this month, the junior oiler confirmed it was participating in Round 1 of Phase III of Mexico’s onshore oil and gas licensing.

The company said it is currently preparing its pre-qualification package for the process.

It is participating independently of associate MX Oil (LON:MXO), though the company said it still anticipates working separately on opportunities identified by MX.

Northcote shares today added 9.09% to stand at 0.18p.

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