14 January 2013 Proforma Schedule 1 Pre-Admission Announcement

Sale of Non-Core Assets


PR Newswire

 Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector:
                                   Oil & Gas
2 February 2015
              Northcote Energy Ltd (`Northcote' or the `Company')
                            Sale of Non-Core Assets
Northcote (AIM: NCT), an onshore US oil and gas exploration and production
company, is pleased to announce that, in line with its strategy to dispose of
certain non-core assets in its portfolio, it has agreed to sell its over-riding
royalty interests (`ORRI') on certain Oklahoma wells within the Company's
portfolio (`the Sale') for a cash consideration of US$142,000.
The wells and associated ORRI interest for each are:
Unit/Lease                              ORRI
Zink Ranch wells                        2.7% - 4.5%
Mathis and Horizon wells                2.1% - 2.2%
Burkhart #3                             1.8%
As at 31 December the package sold represents 3.9 BOEPD (48.8% Oil) net to
Northcote, therefore the adjusted production number announced 14 January 2015
should be reduced for this disposal. The sale will complete once the assignment
transfer has been approved by the Bureau of Indian Affairs or, if later, 27
February 2015.
Northcote Managing Director Randall Connally said, "This is the first of four
planned asset packages that we plan to offer as part of our strategy to unlock
capital from non-core lower return assets. This sale frees up capital to focus
on higher return and higher upside assets such as the producing Shoats Creek
field in Louisiana and the Zink Ranch Project in Oklahoma and the funds will
help us in refinancing of our facility with Darwin."
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
Jon Belliss               Hume Capital Securities plc    +44 20 3693 1470
Abigail Wayne             Hume Capital Securities plc    +44 20 3693 1470
Stefan Olivier            Cornhill Capital Limited       +44 20 7710 9618
Hugo de Salis             St Brides Partners Limited     +44 20 7236 1177
Elisabeth Cowell          St Brides Partners Limited     +44 20 7236 1177
Northcote Energy Ltd is a producing oil & gas company with a portfolio of US
exploration and production assets in Oklahoma and Louisiana. 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.