11th Aug 2015 07:19
LONDON (Alliance News) - Northcote Energy Ltd on Tuesday said its Mayan Drilling Fluids joint venture has signed a deal to perform remediation services with a potential contract value of up to USD887,500.
The joint venture will undertake the work ahead of the construction of a remediation facility in Mexico and will use the team the venture already has in place.
"This initial contract is an excellent first step for our Mexican joint venture and validates our belief in the market opportunity. The cashflows have the potential to make a significant contribution to the costs of completing our remediation plant," said Randall Connally, Northcote's managing director.
Shares in Northcote were up 5.1% early Tuesday to 0.1629 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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