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Northcote Energy to rename as Mayan Energy

It marks the group's progression as it sharpens its focus on Mexico.

Onshore oil drilling
This week the group signed an agreement with PEMEX

Northcote Energy Ltd (LON:NCT) told investors it is changing its name to Mayan Energy Limited, to reflect a commitment to widening the company’s exposure in Mexico.

Earlier this week the company announced that its Mexican venture had signed a deal with PEMEX, the national oil company, to provide services.

A letter of intent envisages the AIM quoted group’s 51% joint venture Mayan Drilling Fluids (MDF) providing a range of waste remediation services via its facility in Comalcalco, Mexico.

The proposed contract covers the remediation and restoration of dams, grounds and polluted water bodies contaminated by oil related activities, as well as other services.

Northcote, based on the group’s knowledge of comparable operations in Texas, expects the proposed project to generate significant revenue.

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Price: 0.0825 GBX

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