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."

                                     * * ENDS * *                                  

    For further information visit www.northcoteenergy.com or contact the following:

    Randy Connally            Northcote Energy Ltd           +1 214 550 5082       
                                                                                   
    Dan Jorgensen             Northcote Energy Ltd           +44 20 7236 1177      
                                                                                   
    Roland Cornish            Beaumont Cornish Ltd           +44 20 7628 3396      
                                                                                   
    James Biddle              Beaumont Cornish Ltd           +44 20 7628 3396      
                                                                                   
    Elliot Hance              Beaufort Securities Ltd        +44 20 7382 8300      
                                                                                   
    Nick Bealer               Cornhill Capital Limited       +44 20 7710 9612      
                                                                                   
    Elisabeth Cowell          St Brides Partners Limited     +44 20 7236 1177      

    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.