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RNS is quite clearly indicating that they will take offshore waste. Ronde 1.4 about to kick off.
List them then. Signing up is different from actually being there. The last offshore round bombed and that round will not see any activity on the ground until 2018 if they are taken up. Today Pemex controls the vast majority of the oil industry in Mexico.
what's meaningful in your book?...could list plenty of majors in Mexico right now....this lot already there and planning to expand....$20 oil is the attraction in Mexico, plenty of activity and much more to come..... http://oilprice.com/Latest-Energy-News/World-News/Over-20-Oil-Majors-Sign-Up-for-Mexicos-Most-Lucrative-Offshore-Oil-Blocks.html
blingybird - your comments tell me that you are not as inexperienced as you may think......your timing looks spot on.
Yep only meaningful company in Mexico, feel free to name others if you disagree. Exxon, Chevron, Shell, BP etc no where to be seen. Smaller companies operating one or two licences here or there does not detract from the fact that Pemex still controls most of the oil industry.
labratt - reallyl?! "Pemex is currently the only meaningful company in Mexico" Think oil services, think again. This LOI is a huge accolade for the JV. This is all about setting the standards going forward. Pemex is obviously the main player but if you think that "Pemex is the only meaningful company in Mexico....."
As an inexperienced investor to some on this bulletin board Rns out today is the reason why most here are investing in an aim stock Building blocks at grass roots and confidence where it can go and grow Mexico oil market so exciting to be part of and services not production means not tied to bopd With other avenues shoats creek mxo adl im happy to hold and add and with a mcap of £3 mill to me a no brainer Once pr hits and institutions realise the potential I think it can only go in one direction and so happy now to build on my holding My comments only and views
Northcote Energy inks deal with PEMEX for new Mexican venture Share 07:36 03 Aug 2016 Northcote expects the proposed project to generate significant revenue. http://www.proactiveinvestors.co.uk/companies/news/128933/northcote-energy-inks-deal-with-pemex-for-new-mexican-venture-128933.html This news will also make the press in Mexico. Will watch out for it.
Blingybird Yes good news but it is hardly a surprise. Pemex is currently the only meaningful company in Mexico, if they had not got work from them then the plant would have been an expensive white elephant. I will wait until we get an indication of the volume expected from this contract before I get overexcited. Plant still not commissioned.
yes re Shoats Creek, what about another low-cut/low risk/high impact workover announcement?; that is the clear plan to get immediate revenues flowing.......LM21/22 will happen but imo not until we have a lot more production - in the gas department....
so, 1 year on from the announcement below - some new faces might be interested in the original business plan for the RP - only change is the capacity of the plant has been increased by 20% to 840 tons per day and Pemex have signed up... Northcote is pleased to announce that, alongside its Joint Venture partner Gaia Ecologica S.A. DE C.V ('Gaia Ecologica'), it has formed the joint venture entity, Mayan Drilling Fluids SAPI de CV ('the JVCo') through which the development of the Tabasco remediation facility ('the Facility') will be undertaken. This agreement follows the successful purchase of the 22 acre property, which will host the joint ventures first 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. Highlights · Formation of JVCo and the commencement of operations in Tabasco is in line with the Company's strategy to invest in cash generative opportunities in the Mexican energy sector · Gaia has a long track record of providing services in Mexico to the oil & gas industry sector, including oil field waste remediation, making it the ideal partner due to its ability to manage operations from the initial build and commissioning through to full scale operations · Phase 1 will see the JVCo build and commission the Facility within 6 months, at an estimated cost of less than $1million · The Facility will be capable of operating 24/7, handling in excess of 700 tonnes per day, with the potential to expand significantly as demand increases over time · The JVCo partners contemplate that the Facility will operate a pricing model in line with similar plants in South Texas where prices can range from $60 to $100 per ton of waste processed, demonstrating significant revenue potential · Northcote is the funding partner, owning 51% equity in the JVCO, and Gaia is the operating partner, owning the remaining 49% · Northcote will fund 100% of the up-front expenditures associated with the implementation of Mayan's business plan and shall be entitled to 85% of distributable cash flow until pay-out plus a 9.0% internal rate of return on its investment o Following pay-out profits shall be distributed based on the relative ownership. · Juan Osmon, President of Gaia, will serve as President of Mayan Drilling Fluids with Randall Connally serving as Northcote's representative on the board Northcote Managing Director Randall J. Connally said, "We are very excited to be pushing forward with implementation of this business opportunity. In this environment of low oil prices I really like the fact that this plant will serve to increase and diversify Northcote's revenue not only because the revenue is not directly linked to oil price but also because the platform can remediate waste from a wide range of sources not just oil and gas. Additionally, we are plea
gas and oil update could quite easily come this week along with formal acknowledgement of new board structure. I think we might well have a minnow punching well over its fighting weight very soon. Mcap in a months time ?
Any guess what our Turnover will be in 2017 ?? $10 -$15 million ???
The problem I see is that whilst the plant has the capacity to do 850 tons a day, Pemex could more than fill that capacity. Where do the other operators go, given that they will want a look in on the first eco RP plant (Rules materially changed in March 2015 which means that strict controls are now in place). That imo can only mean that NCT/JV will be not long be looking to expand the plant to meet demand, something RC said was a known possibility. He has also said they had other strategic RP locations and it would be straight forward to replicate. Big business and high margins indeed! What today's RNS also does not say is that if things go to plan that $1M which NCT invested in the plant will be coming back sooner that peeps think.
..... That's my average!
3 x bagger just to get back to that point!
In commercial terms there are two immediate and very important benefits of letter of intent with Pemex, imo: 1. It will allows NCT/Gaia JV open dialogue with Mexican banks re: financing for working capital and expansion in Mexico; 2. The new plant will set the standard for disposal in the area which will give the joint venture an opening with all other operators in the area.
Bought in again
RC/AA put this deal together, for sure. Credit where credit is due. The new guy might have helped cement it.
Pemex is about to do a load of JVs, no doubt we will get that work.
helpful - the initial signing points to much more with Pemex imo; it is the door opener without one shadow of a doubt.
I think Abraham has been working his little socks off on this deal And it's now clear why he was bought on board and where his role lies
The new guy might get the credit but this is down to Randy.
buy at full ask on the bell : )
With Pemex on board how long before we get an expansion RNS?