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NORTHCOTE ENERGY LIMITED - Update on Mexico Bid Round

PR Newswire

London, October 9

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

9 October 2015

Northcote Energy Ltd (‘Northcote’ or ‘the Company’)

Update on Mexico Bid Round

Northcote (AIM: NCT) is pleased to provide an update on the progress it has made in Mexico with regards to the due diligence it has been undertaking in contemplation of participating in Phase III of Round 1 of the National Hydrocarbons Commission’s ('CNH') tender process and the ongoing efforts made by the Company to secure onshore conventional concessions during this period of re-opening and privatising the Mexican energy sector.

Having announced on 4 September 2015 the decision to enter the CNH data room with the intention of participating in Phase III of Round 1, Northcote confirms that following its initial evaluation of the available fields, the Company has now submitted its pre-qualification filing for approval by the CNH.

In this third phase, 25 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to companies that satisfy the pre-qualification requirements and win the subsequent tender process. In pursuing this opportunity the Company has custom assembled a multi-disciplinary bid team to evaluate the fields. Heading this team is seasoned international oil and gas professional, Christopher Newport who, subject to a successful bid, will serve as President of Northcote Energy’s Mexican upstream oil and gas business.

Chris has over thirty years upstream, midstream and downstream experience in the oil and gas business and has worked globally to bring to production and commercialise over 1.4 Bcf per day of gas, 60,000 bopd of liquids and over 900 km of gas pipelines. This experience, combined with the proven track record of the assembled team, position Northcote to evaluate, bid and if successful, secure assets in this bid round and bring those development oil and gas assets to production.

Northcote Managing Director Randall J. Connally said, “We are very excited about the potential inherent in many of the oil and gas fields we have evaluated to date and are finding interesting opportunities and upside that we believe we can exploit with the top tier, multi-disciplinary team of oil and gas professionals we have secured for this venture.”

Chris Newport said “This CNH bid round for onshore assets represents a timely and strategic entry point for Northcote into the upstream oil and gas sector in Mexico. The management team is currently working to secure development assets from this round to build a platform upon which the Company may further grow its Mexican upstream business in partnership with the Government of Mexico, industry regulator CNH and other Mexican industry partners. The strength and track record of the Northcote team in the development of oil and gas assets from well-head to customer and skill in developing emerging energy markets has the Company well positioned to become a significant and successful contributor to the energy industry in Mexico in the near term.”

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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 agreement with Gaia Ecologica as well as Indonesia via a strategic relationship with CEB Resources.