7th Jul 2015 08:34
LONDON (Alliance News) - Northcote Energy Ltd on Tuesday said its joint venture with Gaia Ecologica SA DE CV in Mexico has secured a property for the development of the company's first scalable waste remediation facility in the state of Tabasco in Mexico.
Northcote said the facility will recycle oil cuttings and provide other oil field services for both onshore and offshore wells. It is located in a part of the country where Pemex, the Mexican state oil company, is undertaking a considerable amount of exploration activity.
In line with the original joint venture framework, Northcote has advanced USD125,000 to Gaia to back the development of the facility.
"This is the first exciting step towards building what we believe will become a substantial, revenue generative business focused on supporting the increased activity in Mexico's energy sector which is expected over the coming years," said Randall Connally, Northcote's chief executive.
Shares in Northcote were down 2.6% to 0.190 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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