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NORTHCOTE ENERGY LIMITED - AGM Statement

Thursday, June 20, 2013 2:00 AM


NORTHCOTE ENERGY LIMITED - AGM Statement

 Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector:
                                   Oil & Gas
20 June 2013
              Northcote Energy Ltd (`Northcote' or `the Company')
                                 AGM Statement
Northcote Energy, an onshore US oil and gas exploration and production company,
is pleased to provide an update on its projects, which will be read at today's
Annual General Meeting (`AGM').
Northcote Energy Managing Director Randy Connally will make the following
statement:
"In just over five months since listing, we have transformed Northcote's
production and reserves profile across a growing portfolio of US onshore oil
and gas assets targeting the producing Mississippi Lime formation in Oklahoma.
This success has been achieved through a blend of corporate and operational
initiatives including an increase in Northcote's working interest at the core
Horizon Project; 500% growth in the Company's net acreage in Osage County; and
the successful commencement of workover and frack programmes across a number of
wells that have already resulted in a more than doubling in net production
since the IPO.
"Acquisitions are high on our agenda and we are focussed on increasing our net
acreage to 5,000 acres in Oklahoma by the end of 2013. We will achieve this by
leveraging our proven experience and knowledge in Osage County, which as we
have already shown gives us a strong competitive advantage. We are now halfway
there with 2,500 net acres spread across five assets. Our business model is
based on building significant interests in core assets with considerable scope
to increase production and prove up reserves, namely the Horizon Project
(51%WI), the contiguous Mathis Project (100% WI), and the OKE Project, where
our 100% acquisition conferred Northcote with operator status in the region. We
also have smaller working interests in the Bird Creek Project, Osage County
(3.125% WI) and the De Agua Project, Woods County (0.125% WI). Based on just
the Horizon and De Agua projects alone, our reserves now have a P1 PV10 of
US$61.94 million which, when compared to our current market capitalisation,
demonstrates the significant potential for growth in our current share price.
"Importantly our ambitions do not stop here and we are primed for further high
impact growth over the coming months. Near term milestones include the final
results from the first two of our four six-well frack programme for 2013 and
our pipeline project at Horizon, results from our workover campaign at the OKE
Project and production from one of the two new wells drilled at the Bird Creek
Project. These initiatives will significantly augment existing production and
we are highly confident that we will not only hit but exceed our 2013 target of
100 boepd net to Northcote well ahead of schedule.
"I would like to take this opportunity to thank the Board and our shareholders
for their support during this exciting time for Northcote and I look forward to
providing regular market updates over the coming weeks and months as we
continue to build the Company to become a significant producer of oil and gas
in Oklahoma."
                                   **ENDS**
For further information and the full Admission document visit
www.northcoteenergy.com, see below or contact the following:
Randy Connally            Northcote Energy Ltd           +01 214 675 7579
Ross Warner               Northcote Energy Ltd           +44 7760 487 769
Dan Jorgensen             Northcote Energy Ltd           +44 (0) 20 7024 8391
Roland Cornish            Beaumont Cornish Ltd           +44 (0) 20 7628 3396
Jerry Keen                Shore Capital Stockbrokers     +44 (0) 20 7408 4090
                          Limited
Bidhi Bhoma               Shore Capital Stockbrokers     +44 (0) 20 7408 4090
                          Limited
Hugo de Salis             St Brides Media and Finance    +44 (0) 20 7236 1177
                          Ltd
Elisabeth Cowell          St Brides Media and Finance    +44 (0) 20 7236 1177
                          Ltd
Notes:
Northcote Energy Ltd is a revenue generative US onshore oil and gas production
company focussed on the rapidly emerging Mississippi Lime formation in
Oklahoma. The Company participates with leading operators, including Midstates
Petroleum and Chesapeake Energy, in low risk development plays where advanced
techniques, such as horizontal drilling and fracking, are used to unlock known
oil accumulations and dramatically improve recovery rates. Management is
focused on increasing production through a multi-well drilling and fracking
campaign in 2013.
(Source: PR Newswire )
(Source: Quotemedia)

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