14 January 2013 Proforma Schedule 1 Pre-Admission Announcement

Increased Production from Workover at Shoats Creek

NORTHCOTE ENERGY LIMITED - Increased Production from Workover at Shoats Creek

PR Newswire

 Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector:
                                   Oil & Gas
29 October 2014
              Northcote Energy Ltd (`Northcote' or `the Company')
                               Operations Update
Northcote (AIM: NCT), an onshore US oil and gas exploration and production
company, is pleased to provide a positive operations update regarding its
conventional Shoats Creek Project, Louisiana, in which the Company has a 35%
Working Interest (`WI'). This is in line with Northcote's strategy to increase
production through a combination of the low cost development of existing
wellbores, including workovers and recompletions into additional payzones, and
the drilling of new well locations.
Shoats Creek
  * 33% increase in gross production from the Lutcher Moore #9 well to 115
    barrels of oil equivalent a day (30.2 BOE / d net) compared to the
    previously announced test rate of 86.5 BOE / d (22.8 BOE / d net)
  * Majority of production is oil - 73 barrels per day of oil and 255 thousand
    cubic feet per day of natural gas and follows further low cost work
    including additional perforations and a nitrogen flush with a coiled tubing
    rig and nitrogen unit
  * Following the successful workover of the Lutcher Moore #9 and #14 wells,
    the partners in Shoats Creek have agreed to continue the capital programme
    at Shoats:
      + Lutcher Moore #20 well, has been permitted as a twin to the Lutcher
        Moore #16
      + Further ongoing work at Shoats to be announced in due course.
  * The Lutcher Moore #12, a third well to undergo a low cost workover, has
    been shut-in following the collapse of the casing in the well bore and will
    not be added to production - the #12 had very good oil shows and is a
    strong candidate for a twin well to be drilled on the same location similar
    to the Lutcher Moore #16/20 wells
  * Shoats Creek has historically produced primarily from the Cockfield
    formation and has significant low cost development potential including:
      + Workovers and recompletions to both existing and new payzones in up to
        22 existing well bores
      + Multiple new drill targets in a number of formations including the
        Cockfield, the Frio and Wilcox identified using 3-D seismic data
Northcote Chief Executive Randall Connally said, "Shoats Creek continues to
prove itself worthy of our high expectations particularly due to its low cost
conventional nature which is relevant to the current pricing environment. We
have received excellent results on the LM#9 well and while the casing issues at
Lutcher Moore #12 well have been disappointing, given that two of three wells
attempted to date have yielded a combined three day IP of approximately 180 BOE
/ d, a 67% success rate is quite acceptable and we will be delighted for that
to be maintained.
"Shoats Creek has 22 existing well bores, 15 of which we have identified as
having re-entry potential. Following completion of the first three workovers,
12 potential re-entry candidates remain. In our view these workovers represent
the low hanging fruit with the real prize being the multiple new drilling
opportunities in the Frio, Cockfield and Wilcox. Despite the number of well
bores already on the property, tremendous low cost drilling potential remains
in the Frio, the shallowest of the major objectives, and also in the Cockfield,
based on 3-D seismic shot after the initial development of the formation. The
Wilcox is a much longer term source of upside that is essentially untapped at
Shoats Creek, which has seen highly successful results by other operators in
the immediate vicinity."
For further information visit 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 7024 8391
Roland Cornish            Beaumont Cornish Ltd           +44 20 7628 3396
Jerry Keen                Shore Capital Stockbrokers     +44 20 7408 4090
Bidhi Bhoma               Shore Capital Stockbrokers     +44 20 7408 4090
Stefan Olivier            Cornhill Capital Limited       +44 20 7710 9618
Hugo de Salis             St Brides Media and Finance    +44 20 7236 1177
Elisabeth Cowell          St Brides Media and Finance    +44 20 7236 1177
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 Company's 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.
Northcote Energy Ltd is a producing oil & gas company with a portfolio of US
exploration and production assets principally focused in Osage County,
Oklahoma. The Company has substantial acreage in the US where its primary focus
is on the Pennsylvanian and Mississippi Lime formations. Northcote is currently
undertaking a continuous 2014 work programme which includes recompletions, new
wells, fracks and workover programmes in order to grow Northcote's production
and reserves.