8th Apr 2015 08:13
LONDON (Alliance News) - Northcote Energy Ltd Wednesday said it believes it will reap benefits after Abraham Achar, the company's executive vice president of Mexico, was appointed as president of the Latin American Oil and Gas Association for Dallas, Texas.
Achar, who only joined Northcote in March, was appointed as president of the association, which is an organisation focused on integrating and the sustainable development of the North and South American energy markets. In his role at the association, Achar will work to introduce US based companies to opportunities in the Mexican energy sector and in Latin America generally.
The appointment is significant for Northcote, which at the end of March said it had entered into an agreement with Mexican company, Gaia Ecologica SA DE CV, to pursue opportunities in the oil and gas sector in Mexico.
"As demonstrated by our exposure to Mexico through our agreement with MX Oil PLC and more recently Gaia Ecologica, we believe that Mexico holds significant opportunities to generate value for our shareholders, and I believe that my work on behalf of Latin American Oil and Gas Association will compliment my efforts for Northcote in Mexico," said Achar in a statement.
Northcote shares were down 1.7% to 0.113 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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