Northcote provides the following announcement in respect to its Mexico Bid Process. As per the announcements dated 4 September 2015 and 9 October 2015, the Company had entered the data room and submitted its pre-qualification materials to the National Hydrocarbons commission (CNH) in respect to its intention to qualify and then participate in the bidding of Phase III of Round 1.

Northcote has elected to withdraw from the pre-qualification process in respect of this bid round; this decision was made after assessment of advice from Mexican counsel that by withdrawing the Company both preserves its participation rights with MX Oil and preserves its ability to participate in future bid rounds, enter into farm-out agreements with PEMEX or other industry partners.

Tags: Northcote Energy