Notes MX Oil Announcement

NORTHCOTE ENERGY LIMITED - Notes MX Oil Announcement

PR Newswire

London, March 17

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

17 March 2016

Northcote Energy Ltd

(‘Northcote’ or ‘the Company’)

Notes MX Oil Announcement

Northcote Energy notes the announcement by MX Oil with respect to rationalising the portfolio of concessions that it and its partner, Geo Estratos, won in the December 2015 onshore bid round in Mexico.

Northcote supports the Board of MX Oil’s decision to focus its resources on what Northcote believes to be the most promising of the four properties, especially given the current oil price environment. Together, MX Oil and Northcote eagerly anticipate the results of the ERC Equipoise Competent Person’s Report which are expected in April 2016. Northcote holds approximately 38 million warrants in MX Oil and has the right to participate with MX Oil as a 20% partner in its Mexican onshore blocks.

Northcote will not be required to make a final decision on participation in Tecolutla until MX Oil has entered into a contract with the National Hydrocarbons Commission (‘CNH’). However, the Board would like to reiterate its support and interest in the long term prospects of the energy reform in Mexico and will advise the market of its decision 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 Andalas Energy & Power Plc.