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NORTHCOTE ENERGY LIMITED - Notes Andalas Energy & Power Update

PR Newswire

London, February 3

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

3 February 2016

Northcote Energy Ltd

(‘Northcote’ or ‘the Company’)

Notes Andalas Energy & Power Update

Northcote notes the announcement today from Andalas Energy & Power Plc (‘Andalas’) regarding the heads of agreement it has signed to acquire, via a farm-in, a 30% working interest in the Technical Assistance Contract (‘TAC’) covering the Tuba Obi East oil and gas concession (‘TOE’) (“the concession”) in Jambi province, Sumatra.

Pursuant to the terms of its participation right, Northcote has the right to participate in any project alongside Andalas at a level that is equal to 12.5% of Andalas’ participation, or 3.75% net interest in TOE if Northcote were to elect to participate, until April 30, 2020. Northcote will have 20 business days (from the date that Northcote receives written notification from Andalas) to notify it of its intention to participate in the concession. With this in mind, the Company continues to monitor developments with great interest.

Northcote Managing Director Randall J. Connally said, "This is an exciting development for Andalas and we congratulate the company and the board on this achievement. We are following this with interest and are particularly keen on the natural gas focus which provides for a return profile independent of world oil prices. I look forward to updating the market once we have been able to consider whether to participate in the concession in due course."

**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.