🕐03.05.13 - 11:54 Uhr

SHORE CAP COMMENTS ON NORTHCOTE - 500% INCREASE IN NET LEASEHOLD POSITION &
COMPLETION OF FRACS TOWARDS 100BOEPD 2013 TARGET



Hi there Please see todays comment from Shore Cap regarding Northcote Energys array of news from Osage County, Oklahoma today.

Having completed two hydraulic fracture stimulation programmes at its core Horizon Project (51% WI) targeting the Mississippi Lime, it has also announced a letter of intent to acquire the Matthis property, which is contiguous to Horizon.

The news has propelled the price up 6% to 1.77p. This acquisition, which follows swiftly on the back of its OKE purchase, sees the Companys net leasehold position increased by 500% since listing in January 2013.

Its current acreage position now stands at 2,865 acres which sees it halfway towards its 2013 target of reaching 5,000 acres.

In terms of net production, the Company is rapidly progressing towards its target of reaching 100 boepd by the end of the year and the Company looks forward to announcing the results of its frac programme once all the load water has been cleared. Additionally, the company has raised A$1 million through a placement by one of Australias largest investment companies, Cape Bouvard, which represents the start of a strong, long term association with the Company as it focuses on becoming a significant producer in the de-risked Mississippi Lime play.

Additionally, with an P1 PV10 of USD61.94 million, which does not include the Matthis and OKE reserves, and a current market cap of�17.39m, the undervalued nature of the stock is evident Best Lizzie NORTHCOTE ENERGY+ (NCT, 1.7p, No Recommendation) - Oklahoma acquisition, placing and operational update.

Northcote Energy has announced that it has signed a letter of intent to increase its acreage in Oklahoma with the acquisition of a 100% working interest in the Matthis leases, which cover an additional 960 acres contiguous with its flagship Horizon project.

Upon final completion, the Matthis acquisition will take Northcotes net acreage position to 2,865 acres and offers additional upside with existing 3-D seismic coverage, previously identified horizontal well locations and proximity to existing field infrastructure.

The acquisition price is US$325,000, and we view Matthis as a very complementary and comparatively under-developed addition to the portfolio, as Northcote consolidates in the region and expands its production base with fraccing, workovers and drilling.

Northcote also announces that a strategic investor (Cape Bouvard of Australia) has invested A$1 million in the company and, in a separate release this morning, confirms completion of the fracture stimulation of the first two wells at the Horizon project.

In our opinion, Northcote has made significant progress since listing on AIM in January 2013.

In addition to the Matthis acquisition, this has included an increased working interest at the Horizon project, with significant increases in both production and proven reserves, which are assessed to have an NPV 10% of US$62m.

We believe that this high level of asset backing underpins a very attractive investment proposition, and see strong scope for further growth in reserves and production as the work programme continues. Shore Capital Stockbrokers Limited acts as Joint Broker to Northcote Energy.
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 3 May 2013 Northcote Energy Ltd (Northcote or the Company) Letter of intent to increase Acreage in Oklahoma and Issue of Equity Northcote (AIM: NCT), an onshore US oil and gas exploration and production company, is pleased to announce that it has entered into a letter of intent to acquire a 100% working interest in leases covering an additional 960 acres (Matthis) contiguous to the Companys 50.15% owned Horizon Project which, if completed, would significantly increase its acreage position in the producing Mississippi Lime formation in Osage County, Oklahoma to 2,865 acres (Acquisition). Key Highlights
� Over 500% increase in net leasehold position since listing propels Northcote over halfway towards its target of securing 5,000 net acres by the end of the year in the Mississippi Lime formation in the area surrounding its core Horizon Project � Acquisition is in line with strategy to acquire and develop leases in Oklahoma and grow net production and reserves through drilling � Matthis offers Northcote additional upside as a result of: o Existing 3-D seismic covering a portion of the additional acreage o At least two previously identified horizontal well locations with additional acreage to be evaluated o Directly offsets Northcotes two existing, producing wells, Steele and Steinberger on the Horizon Project o Will allow Northcote to leverage existing investment in field infrastructure � Acquisition price of US$325,000 - the Acquisition is subject to the completion of satisfactory due diligence and it is intended to close within thirty (30) days � Strategic shareholder secured through a subscription of 42,833,707 ordinary shares in the Company (at 1.55p per share, raising A$1million (�663,922)) by Cape Bouvard Equities Pty Ltd (Cape Bouvard), one of Australias largest private investment companies � P1 PV10 of CPR assigned US$61.94 million value to P1 reserves does not include Matthis or recently acquired OKE acreage
Northcotes Chief Executive Officer Randy Connally said, "Following successful completion of the Matthis Acquisition, we will be over halfway towards meeting our end of year target of building a net land position covering 5,000 acres in Osage and contiguous counties.

Neighbouring our core Horizon Project, the Matthis property is a very exciting acquisition and we have put considerable effort into acquiring the property which is not only located in a productive area, but will also allow us to leverage existing infrastructure as we look to grow our Mississippian production and reserves further.

Being comparatively under-developed and combined with a 100% WI, we believe Matthis provides our shareholders with exposure to significant value upside potential through development and workovers of existing wellbores.

In addition with at least two horizontal drilling locations highlighted to date, we are confident that there is plenty of underlying value to be realised from our investment over the coming months. "Since listing on AIM at the beginning of the year, we have strived to demonstrate the scale of our ambition through the swift implementation of work programmes and acquisitions.

We are grateful for having secured a supportive institutional investor base since the IPO and through the placing in March and we are now pleased to welcome to that group one of Australias largest private investment companies, Cape Bouvard.

I am hopeful that its subscription for A$1million (�663,922) represents the start of a strong, long term association with the Company as we focus on becoming a significant producer in the de-risked Mississippi Lime play." Matthis Property The Matthis Acquisition comprises the purchase of 1,280 gross acres, inclusive of 320 gross acres previously acquired via farm-in.

This acquisition conveys all rights to all objectives to Northcote on the 320 acres previously acquired via farm-in and adds 960 acres contiguous to two of the Companys existing wells acquired as part of the Horizon Project (approx.

51% WI) in Osage County, Oklahoma.

The approximate 320 acres held by the Steel and Steinberger producing wells were held by Northcote in the Mississippian only, with this acquisition Northcote acquires all rights on those leases. Eight vertical wells exist on the property and its production directly offsets Northcotes two existing, producing wells, Steele and Steinberger, two of the best performing wells on the Horizon Project. 3-D seismic exists covering a portion of the leasehold and the Company has already identified two potential horizontal well locations.

Significantly, all of the leases are part of a "unit" and as such production on any part of the unit holds the entire lease position indefinitely, all of the acreage under these leases are therefore held by production. Subscription by new strategic investor The Company has raised A$1million (�663,922 before expenses of �2,000) by way of a subscription of 42,833,707 new ordinary shares (Subscription Shares) by Cape Bouvard at a price of 1.55 pence per share.

Cape Bouvard is one of Australias largest private investment companies.

The Subscription Shares will represent approximately 4.0% of the enlarged issued share capital of the Company and the proceeds will be used to acquire assets and to accelerate the development programme. The subscription is conditional, inter alia, on receipt of cleared funds from Cape Bouvard and admission of the Subscription Shares to trading on AIM.

It is expected that trading in the Subscription Shares on AIM will begin, at 8 a.m.

on 9 May 2013.

The Subscription Shares will rank pari passu in all respects with the Companys existing ordinary shares of 0.1p each ("Ordinary Shares"). Following completion of the subscription, the Companys issued share capital will consist of 1,066,627,375 Ordinary Shares. All of the technical information, including information in relation to reserves and resources that is contained in this announcement has been reviewed internally by the Companys Technical Director, Mr.

Kevin Green.

Mr.

Kevin Green is a Petroleum Geologist who is a suitably qualified person with over 30 years experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information. **ENDS** For further information and the full Admission document visit www.northcoteenergy.com, see below or contact the following: Randy Connally Northcote Energy Ltd +01 214 675 7579 Ross Warner Northcote Energy Ltd +44 7760 487 769 Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391 Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396 Jerry Keen Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090 Bidhi Bhoma Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090 Hugo de Salis St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Elisabeth Cowell St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes: Northcote Energy Ltd is a revenue generative US onshore oil and gas production company focussed on the rapidly emerging Mississippi Lime formation in Oklahoma.

The Company participates with leading operators, including Midstates Petroleum and Chesapeake Energy, in low risk development plays where advanced techniques, such as horizontal drilling and fracing, are used to unlock known oil accumulations and dramatically improve recovery rates.

Management is focused on increasing production through a multi-well drilling and fracing campaign in 2013.
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 3 May 2013 Northcote Energy Ltd (Northcote or the Company) Completion of Hydraulic Fracture Stimulation of Two Wells Northcote (AIM: NCT), an onshore US oil and gas exploration and production company, is pleased to announce the completion of the hydraulic fracture stimulation of two wells, the Big Hill #1 and Big Hill #2 wells at the Horizon Project, in which it owns approximately a 51% Working Interest.

The operations have been undertaken in line with the Companys strategy to increase production to reach its 2013 net production target of 100 boe/d in the Mississippi Lime formation in Osage County, Oklahoma. Operations were completed in line with expectations and significantly under original budget estimates.

The Big Hill #1 and Big Hill #2 wells were fracture stimulated by pumping approximately 20,000 barrels of water, referred to as load water, along with certain chemicals and rock salt, into each of the two wells in multiple stages. Load water volumes are currently being recovered from the fracd wells.

As the load water is recovered the Company expects the oil cut, which is the percentage of oil in relation to total fluids, to increase for some period of time.

As this ratio appears to stabilise, or flatten, and starts declining the Company will be able to assess the longer term impact on reserves and production from the fracture stimulation of these wells.

The Company will report to shareholders as soon as meaningful production information is available. Additionally, the Company is already in discussions with the operator and key suppliers to schedule the fracture stimulation of the next two wells.

Further information will be provided on anticipated timings in due course. Northcotes Chief Executive Officer Randy Connally said, "The completion of the fracture stimulation of the first two wells at the Horizon Project marks an exciting milestone for the Company as we advance towards our target of reaching 100 barrels of oil equivalent per day net production by the end of 2013.

I look forward to providing updates on the recovery rates realised and timing of the next steps in our work programme over the coming weeks." **ENDS** For further information visit www.northcoteenergy.com, see below or contact the following: Randy Connally Northcote Energy Ltd +01 214 675 7579 Ross Warner Northcote Energy Ltd +44 7760 487 769 Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391 Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396 Jerry Keen Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090 Bidhi Bhoma Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090 Hugo de Salis St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Elisabeth Cowell St Brides Media and Finance Ltd +44 (0) 20 7236 1177
Notes: Northcote Energy Ltd is a revenue generative US onshore oil and gas production company focussed on the rapidly emerging Mississippi Lime formation in Oklahoma.

The Company participates with leading operators, including Midstates Petroleum and Chesapeake Energy, in low risk development plays where advanced techniques, such as horizontal drilling and fracing, are used to unlock known oil accumulations and dramatically improve recovery rates.

Management is focused on increasing production through a multi-well drilling and fracing campaign in 2013.
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