AOGL.L Regulatory News (AOGL)

Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector:Oil & Gas 7 August 2013 Northcote Energy Ltd (`Northcote Energy' or `the Company') Production Exceeds Production Target Northcote Energy (AIM: NCT), an onshore US oil and gas exploration andproduction company, is delighted to announce that it has met its 31 December2013 production target, 5 months ahead of schedule, by achieving net productionin excess of 100 barrels of oil equivalent per day (`BOEPD'). Highlights * Net production of over 100 BOEPD was achieved in July 2013 following completion of the Little Drum pipeline programme * Net production target reached five months ahead of schedule and represents a 250% increase on production levels at admission in January 2013 * Northcote now targeting net production of 250 BOEPD by 31 July 2014. Fully funded initiatives expected to result in further production increases include: + Frack results from Big Hill #2; + September 2013 frack campaign to commence at the Horizon Project; + Completion of Burkhart #1 well and results at the Bird Creek Project * Further activity for the next 12 months currently being planned includes: + Continuation of the frack programme at Horizon - five wells remaining to frack after two planned to commence September 2013 + Additional Layton and Mississippi Lime drilling including: o Mississippian well programme at the 100% WI OKE project o Mississippian well programme at the 100% WI Mathis project + Further drilling at Woods County and Bird Creek projects Northcote Energy Managing Director Randall Connally said, "To achieve our 12month production target of 100 BOEPD just under seven months from listing is amomentous milestone. We have worked hard to identify and execute a number ofopportunities to grow Northcote, including the completion of accretiveacquisitions, which have been complementary to the oil and gas initiatives thatwe have undertaken, the frack programme at Horizon and the workover programmeat Oklahoma Energy. This has resulted in our P1 PV10 increasing to US$61.94m,based on just two of our assets, and a 250% increase in our production levels. "We are focussed on growing Northcote to become a well balanced, independent USE&P company in the longer term and in order to achieve this we will continueour rapid growth by pursuing our strategy of completing work programmes thatare expected to have an immediate impact on revenues and reserves. Over thecoming 12 months as we execute this strategy we expect that our operationalinitiatives and forthcoming, fully funded, frack programme will result inNorthcote hitting its 12 month 250 BOEPD target on or before 31 July 2014 ." **ENDS** For further information and the full Admission document visitwww.northcoteenergy.com, see below or contact the following: Randy Connally Northcote Energy Ltd +01 214 675 7579Ross Warner Northcote Energy Ltd +44 7760 487 769Dan Jorgensen Northcote Energy Ltd +44 (0) 20 7024 8391Roland Cornish Beaumont Cornish Ltd +44 (0) 20 7628 3396Jerry Keen Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090Bidhi Bhoma Shore Capital Stockbrokers Limited +44 (0) 20 7408 4090Hugo de Salis St Brides Media and Finance Ltd +44 (0) 20 7236 1177Elisabeth Cowell St Brides Media and Finance Ltd +44 (0) 20 7236 1177 Notes: Northcote Energy Ltd is a revenue generative US onshore oil and gas productioncompany focussed on the rapidly emerging Mississippi Lime formation inOklahoma. The Company participates with leading operators, including MidstatesPetroleum and Chesapeake Energy, in low risk development plays where advancedtechniques, such as horizontal drilling and fracing, are used to unlock knownoil accumulations and dramatically improve recovery rates. Management isfocused on increasing production through a multi-well drilling and frackingcampaign in 2013.