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Northcote CEO: Mexico too big an opportunity to miss

The chief executive of Northcote Energy (LON:NCT), Randy Connally, says Mexico’s under explored oil fields and relaxed rules on foreign investment presented the company with an golden opportunity.

Traditionally US focused, the firm signed up a new Mexican partner, Gaia Ecologica, earlier this year to pursue new opportunities in Mexico’s oil and gas industry.

Today, Northcote told investors today it had secured a 22 acre site in the State of Tabasco and will build a facility to recycle oil cuttings and provide oil field services to both onshore and offshore operations.

Connally reckons the plant could start generating revenue within 120 days.

Speaking to Proactive, the CEO also updated on the firm’s US operations – last week Northcote started drilling operations on a new well at the Shoats Creek property in Louisiana.

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Price: 0.086 GBX

AIM:AOGL
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Market Cap: £3.25 m
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