Good morning Shore Capital have provided comment on Northcote Energys news this morning that it has acquired a 78% WI in the producing North Cleveland Project, Oklahoma, which covers 1,520 net acres in Osage County, Oklahoma following its recent fundraise.

The property, which was acquired for US$1m, has low payback credentials and fits perfectly with the companys strategy to target assets which demonstrate significant value upside potential which can be delivered through low cost/high impact initiatives. North Cleveland has a significant drilling inventory and the Board believes that by combining this, with numerous workover and fracking opportunities, production and reserves can be lifted significantly from its current 2.49 million BOE. To hear MD Randy Connally discuss the acquisition further, please listen to the interview on the following link: http://www.brrmedia.co.uk/event/117017?popup=true Shore Cap Comment: NORTHCOTE ENERGY+ (NCT, 1.1p, House Stock) - North Cleveland acquisition. Northcote has announced the acquisition of an average 78% working interest in the North Cleveland project in Osage County (for a cash consideration of US$1m), adding 1,520 net acres and taking the companys total land position in Osage County to 4,080 net acres.

This represents significant progress towards Northcotes target of 5,000 net acres by the end of 2013.

North Cleveland is a producing asset with a significant drilling inventory combined with numerous workover and fracture stimulation opportunities and, we believe, represents a further accretive acquisition for Northcote which offers extensive low cost/high impact development opportunities.

The North Cleveland acquisition was facilitated by a recent placing and Northcote continues to make excellent progress, in our opinion; the acquisition provides us with further confidence in the companys ability to reach 250boepd by the end of July 2014 and we continue to see potential for material growth in both production and reserves. Best Lizzie [Description: S:StBridesSt BridesSignaturesNew sigs - St Michaels AlleyElisabeth signature NEW.jpg] Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas 14 October 2013 Northcote Energy Ltd (Northcote or the Company) Acquisition of 78% WI in 1,520 net mineral acres in Osage County Northcote (AIM: NCT), an onshore US oil and gas exploration and production company, is pleased to announce that it has acquired, for a cash consideration of US$1 million (�625,000), an average 78% working interest (WI) and 54% net revenue interest (NRI) in 1,520 mineral acres (North Cleveland), held by production, in Osage County from Northam Oil Company (Northam Oil) in line with its strategy to rapidly increase its production and reserves in Oklahoma. Highlights
* Producing asset with significant drilling inventory acquired, with immediate potential to increase production through: * Workover programme at the existing producing wells * Targeting 18 proven behind pipe objectives, either through workover or re-entry, to be perforated and fracked * 10 additional drilling locations, which if successful could lead to 10 more offset wells * Production through 15 producing wells with average gross daily production of circa 20 barrels of oil per day (BOPD) and 60MCF gas per day from the Skinner Formation generating net revenues to our interest of over US$30,000 per month * Structurally high field which has not experienced over-production - majority of the wells are producing from one zone and only a few of them have ever been fracked * Companys total land position in Osage now 4,080 net acres increased from 462 acres at IPO, representing significant progress towards Northcotes target of 5,000 acres by the end of 2013 * Potential of North Cleveland property highlighted by activity in neighbouring properties * Five new locations staked in neighbouring properties after well perforated a Bartlesville zone yielded 6,000 BO in the first 90 days of production and now maintains 28 BOPD average Northcotes Chief Executive Officer Randy Connally said, "This acquisition, facilitated by our recent �1.75 million fundraising, fits perfectly with our strategy of acquiring productive acreage with extensive low cost/high impact development opportunities.

The North Cleveland properties significantly elevate and consolidate our regional position, being located close to our OKE properties.

They also have strong pay-back credentials based on existing production alone.

We are very confident that we can substantially improve on this in the near term, as there are numerous opportunities to rapidly maximise our revenues through workovers, new wells and hydraulic fracture stimulation campaigns. "Importantly, in line with our model to target de-risked properties with significant growth potential, the quality of this acreage is underpinned by the drilling inventory that we have acquired and we are keen to commence our development programme at North Cleveland as soon as possible. "This will be conducted alongside the drilling of a new well at our recently acquired Mathis property, our on-going fully funded, four well 2013 frack programme at Horizon, as well as continuing workovers at OKE.

With this in mind we are ideally placed to hit our target of 250 BOEPD by the end of 31 July 2013 and at the same time build on our proven reserves, which currently stand at 2.49 million BOE." North Cleveland Property The Company has acquired, for a cash consideration of US$1million (�625,000), an interest in a producing asset with significant drilling inventory.

The North Cleveland asset is 9 � quarter sections totalling 1,520 gross acres in Osage County, Oklahoma, which is intended to be operated by Glenn Supply Limited.

Northcotes interest in the field is approximately 78% WI and 54% NRI across 15 producing wells and 1 permitted disposal well.

The acquisition has been completed. The development potential of the property and the drilling inventory acquired provides Northcote with the ability to significantly increase production through a number of well defined workover and drilling opportunities.

The asset complements the Companys strategy of being cash flow generative and held by production, but through a progressive work programme this asset has the potential to add to Northcotes already growing production. The acquired leases have not been over produced.

Most of the wells are producing from one zone and only a few have been fracked. As part of its due diligence on the property, the Company has identified at least 18 proven behind pipe work overs to perforate and frack and a further 10 drilling locations, which could lead to 10 more with off setting wells. Initially, Northcote expects to undertake a workover programme to boost production and cash generation.

The Company will provide further information on the commencement of this programme in due course. The Company is further encouraged by initiatives from the neighbouring operators and it looks forward to clarifying the potential of the acquired acreage for similar programmes.

A well in the neighbouring acreage was perforated in the Bartlesville zone and yielded 6,000 barrels of oil in the first 90 days of production and maintains 28 BOPD average now.

The neighbouring operator has since staked five new locations, which directly offset the acquired acreage. **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 Stefan Olivier Cornhill Capital Limited +44 (0) 20 7710 9618 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.