Good morning Please find attached Shore Capitals Initiation of Coverage for Northcote Energy which provides a Core NAV of 2.4p/share and Risked NAV of 2.7p/share for the Company.

It is currently trading at 1.3p and with P1 PV10 reserves of US$76.7 million, the upside potential against NCTs current market valuation of �12.5 million is clearly evident. Todays release regarding the commencement of the Companys third frack at Horizon is below and a link to a recent interview with Randy is also provided.

Have a good week!! Best Lizzie Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 7 October 2013 Northcote Energy Ltd (Northcote or the Company) Frack Programme Update Northcote (AIM: NCT), an onshore US oil and gas exploration and production company, is pleased to announce the commencement of the fracture stimulation of a third horizontal well on its 51% owned Horizon Project, Oklahoma.

This forms part of a four well 2013 frack programme and is in line with the Companys strategy to build production and prove up the reserves on its leases in the Mississippi Lime formation. Key Highlights
� The fully funded fracture stimulation of West Little Drum will commence this week: o The frack equipment is arriving on site and operations will commence on 9 October 2013 o The surface location has been fully prepared and the necessary water volumes have been procured � The on-going fracture stimulation programme is in line with the Companys strategy to reach its 250 BOEPD production target by 31 July 2014, with additional work underway including: o Drilling of a high impact horizontal Mississippi Lime well at 100% owned Mathis Project with spudding anticipated by the end of 2013 o Continuation of work programme at OKE Project (100% WI) to achieve production target at that property of 50 BOPD gross by the end of the year o Lauren Blaire, the last of the four Little Drum wells to be brought back online following completion of the pipeline project, is being brought online this week o Results from on-going well completions across the Companys portfolio � Interview with Randy Connally regarding the Companys intention to drill its first horizontal well targeting the Mississippi Lime formation, the associated 24% increase in the Companys P1 reserves to US$76.7 million and the commencement of the Companys third frack at the Horizon Project can be viewed through the following link: http://www.brrmedia.co.uk/event/116818?popup=true Northcotes Chief Executive Officer Randy Connally said, "We are pleased to be commencing the third frack in the programme and to be in the preparation and planning stages for the fourth.

The design of a frack programme is subject to a number of variables.

The information gathered will be used to refine each successive frack and we expect to see continual improvement in future fracks at Horizon.

We look forward to announcing the results of West Little Drum in due course as we continue to grow production towards our 250 BOEPD target." **ENDS** For further information visit www.northcoteenergy.com 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 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 fracking campaign in 2013.
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