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 October 23, 2015 - 2:00 AM EDT
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NORTHCOTE ENERGY LIMITED - Shoats Creek – Purchase of Additional Interest

Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas

23 October 2015

Northcote Energy Ltd (‘Northcote’ or ‘the Company’)

Shoats Creek – Purchase of Additional Interest

Northcote is pleased to announce it has entered into an agreement with Springer Oil & Gas, LLC (‘SOG’), its partner in the acquisition of the Shoats Creek Field, whereby Northcote has agreed to purchase all right, title and interest in SOG's proportionate interest in the Wilcox Unit and all related assets for US$150,000 to be paid via the issuance of 65,681,445 ordinary shares (no par value) (the “Shares”) of Northcote Energy Limited.  The Company has made an application for the 65,681,445 Shares to be admitted to trading on AIM and it is expected that admission will occur at 8.00 a.m. on 29 October 2015. These shares will rank pari passu in all respects with the Company's existing Ordinary Shares.

Northcote Managing Director Randall J. Connally said, “Consolidating this additional interest in the Wilcox unit will allow us to more effectively work with our partner, Indigo Minerals, LLC, on future development activities in this deeper high impact formation at Shoats Creek.”

About the Wilcox unit

Under the terms of the original acquisition, SOG had a 15% working interest in the Wilcox Unit which includes approximately 960 gross / 144 net bopd held by production acres; interest in one producing well bore, three prepared pad sites and assorted surface and production equipment.  Inclusive of the interest acquired, Northcote now owns approximately 50.0% working interest in the Wilcox Unit.

Total voting rights

Following the issue of the new ordinary shares as described above, the issued share capital of the Company will consist of 6,148,541,549 Ordinary Shares.  No shares were held in treasury at the date of this announcement.  The total current voting rights in the Company is therefore 6,148,541,549.

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For further information visit www.northcoteenergy.com or contact the following:

Randy Connally Northcote Energy Ltd +1 214 550 5082
Ross Warner Northcote Energy Ltd +44 7760 487 769
Dan Jorgensen Northcote Energy Ltd +44 20 7236 1177
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
James Biddle Beaumont Cornish Ltd +44 20 7628 3396
Elliot Hance Beaufort Securities Ltd +44 20 7382 8300
Nick Bealer Cornhill Capital Limited +44 20 7710 9612
Elisabeth Cowell St Brides Partners Limited +44 20 7236 1177

Notes:

Northcote Energy Limited is an entrepreneurial energy company with diverse interests.  The Company combines a portfolio of US exploration and production assets in Louisiana and Oklahoma with the development of new business opportunities in the US and also in Mexico as well as Indonesia via a strategic relationship with CEB Resources.


Source: PR Newswire (October 23, 2015 - 2:00 AM EDT)

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