Northcote is pleased to announce a positive update in respect to activities undertaken through its Joint Venture in Mexico with Gaia Ecologica S.A. DE C.V.
•Successfully secured a 22 acre property for the development of its first scalable environmental waste remediation facility in the State of Tabasco, Mexico
◦The Facility will recycle oil cuttings and provide other oil field services to both onshore and offshore wells
◦Ideally located in an area where there is considerable activity being undertaken by Pemex, the state-owned oil and gas company and is closer to the port and major onshore oilfields than alternative facilities
◦Supporting the higher levels of future drilling activity expected as a result of the reopening of the vast Mexican energy sector to foreign investment
◦In line with the original JV framework, Northcote has advanced US$125,000 to Gaia Ecologica, pursuant to a promissory note and letter of intent to develop the Facility
◦Permitting applications with the State of Tabasco to be submitted shortly.
•Ceremony held, attended by senior state officials of the State of Tabasco, Mexico, to celebrate the securement of the site
•The Company anticipates updating the market as the development of the Facility progresses