Notes MX Oil Asset Sale for US$18m

NORTHCOTE ENERGY LIMITED - Notes MX Oil Asset Sale for US$18m

PR Newswire

London, February 2

Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas

2 February 2016

Northcote Energy Ltd

(‘Northcote’ or ‘the Company’)

Notes MX Oil Asset Sale for US$18m

Northcote is pleased to note the announcement today by MX Oil regarding its pending sale of the proven Aje Field offshore Nigeria (‘Aje’) for gross proceeds of US$18 million and placing to raise £560,000. In respect of the sale of Aje, this remains subject to the signing of legal documents, expected within the next few weeks, and completion of due diligence. Northcote will keep investors updated as this proceeds.

Northcote holds approximately 38 million warrants in MX Oil and has the right to participate with MX Oil as a 20% partner in its Mexican onshore blocks. Therefore, the management is delighted with the disclosed sale terms which both underpin the value of MX Oil shares and positions MX Oil well to undertake future activities in Mexico.

Northcote Managing Director Randall J. Connally said, "I congratulate MX Oil on an excellent outcome with respect to its investment in Aje. The long term opportunities in Mexico are fantastic and with a strong balance sheet MX Oil is now well positioned to exploit current and future opportunities in what I continue to believe is the best upstream opportunity in the world for the next decade."

**ENDS**

For further information visit www.northcoteenergy.com or contact the following:

Notes:

Northcote Energy Limited is an entrepreneurial energy company with diverse interests. The Company combines a portfolio of US exploration and production assets in Louisiana and Oklahoma with the development of new business opportunities in the US and also in Mexico as well as Indonesia via a strategic relationship with CEB Resources.