AOGL.L Regulatory News (AOGL)

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

30 June 2015

Northcote Energy Ltd ('Northcote' or 'the Company')

Shoats Creek Update

Northcote (AIM: NCT) is pleased to announce that the drilling crew is on-site and operations have now commenced at its planned Lutcher Moore ('LM') #20 well targeting the Frio formation on its 70% owned Shoats Creek project. The well will be drilled to a total depth of approximately 5,500 feet. The Company will provide further updates as LM #20 reaches certain drilling, testing and completion milestones.

LM #20 is being drilled as a twin to the LM #16, located on the existing LM #16 pad site. Northcote made the decision to twin this well due to the fact that the LM #16 well, was suspected to have had casing failure, causing water to rapidly increase and stifling hydrocarbon production that was nearly 100 BOPD when it stopped producing in 1984.

Northcote has taken advantage of the opportunity to increase its interest by 23% to 93% in LM#20 and a third party has acquired the remaining 7% interest. The opportunity arose due to financial difficulties experienced by Northcote's 30% partner in the well.

Northcote Managing Director Randall Connally said, "Our Shoats Creek field has significant potential to deliver strong production with low breakeven oil prices. We believe that by twinning the previously producing Lutcher Moore #16 well, the risk associated with drilling a new well has been minimised, and with this in mind we were happy to increase our exposure to this well. I look forward to providing an update once operations have been completed which, subject to success, will ideally position us to extract further value from the multiple low cost high impact development opportunities we have identified on what we believe is a company-making asset."

* * 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, such as its participation agreement with MX Oil PLC and agreement with Gaia Ecologica as well as Indonesia via a strategic relationship with CEB Resources.