Placing of £450,000

NORTHCOTE ENERGY LIMITED - Placing of £450,000

PR Newswire

London, March 23

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

23 March 2016

Northcote Energy Ltd

(‘Northcote’ or ‘the Company’)

Placing of £450,000

Northcote Energy is pleased to announce that it has raised £450,000 via the issue of 1,428,571,429 new ordinary shares of no par value each (the ‘Ordinary Shares’) in the capital of the Company (‘the Placing Shares’) at a placing price of 0.0315 pence per Ordinary Share. The proceeds of the Placing will be used for general working capital purposes and to fund certain growth initiatives including the potential participation in opportunities arising from the participation agreements Northcote has in place with MX Oil in Mexico and Andalas Energy & Power in Indonesia.

Northcote Managing Director Randall J Connally said, “We are encouraged by the support of the market at this key time in the development of our Company. With continued development activities at the Shoats Creek Field being funded from proceeds of the recently announced transactions, this placing will give the Company a strong liquidity position and flexibility to further other initiatives or potentially participate in opportunities available to Northcote pursuant to the participation agreements we have with MX Oil in Mexico and/or Andalas Energy & Power in Indonesia.”

Details of the Placing

Application will be made for the Placing Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence on or around 8 April 2016.

Share Capital

Following the issue of the Placing Shares the issued share capital of the Company will consist of 8,510,952,017 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 8,510,952,017.

**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 Andalas Energy & Power Plc.