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NORTHCOTE ENERGY LIMITED: Grant of Options


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


                                   Oil & Gas                                   

4 April 2013
              Northcote Energy Ltd (`Northcote' or `the Company')              
                               Grant of Options                                

Northcote, an onshore US oil and gas exploration and production company,
announces that, in accordance with the intention set out in the AIM Admission
Document of 20 December 2012, the Remuneration Committee has determined the
grant of options over a total of 49,000,000 Ordinary Shares in the Company to
Directors. These options vest in three tranches and, subject to certain
performance conditions, are exercisable at prices of 1.75p, 2.25p and 3.25p,
compared to the mid-market price per Ordinary Share on AIM at the close of
business on 3 April 2013 of 1.48p.

The Directors have been awarded options in three tranches as follows:

Name        Tranche 1    Tranche 2    Tranche 3    Total number  Expiry        
                                                   of options                  
            (Exercise    (Exercise    (Exercise                                
            price:       price:       price:                                   
            1.75p)       2.25p)       3.25p)                                   

Randall - 3,500,000 3,500,000 7,000,000 5 April 2018 Connally

Ross Warner - 3,500,000 3,500,000 7,000,000 5 April 2018

Kevin 6,000,000 3,500,000 3,500,000 13,000,000 5 April 2018

Green

Daniel 4,500,000 3,500,000 3,500,000 11,500,000 5 April 2018 Jorgensen

Charles 3,500,000 3,500,000 3,500,000 10,500,000 5 April 2018 Wood


                                                                               
            ==========   ==========   ==========   ===========                 
                                                                               
            14,000,000   17,500,000   17,500,000   49,000,000                  

A Tranche 1 vests after 31 December 2013 on the condition that the Director is
employed at the vesting date, and that daily production is greater than 100
barrels of oil per day net production to Northcote (`boed');

B Tranche 2 vests after 31 December 2013 on the condition that the Director is
employed at the vesting date, and that daily production is greater than 250
boed; and

C Tranche 3 vests after 30 June 2013 on the condition that the Director is
employed at the vesting date, and that daily production is greater than 400
boed.

In aggregate, the 49,000,000 options to Directors represent approximately 4.9%
of the current issued share capital of the Company.
                                   **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 fracing, are used to unlock known oil accumulations and dramatically improve recovery rates. Management is focused on increasing production through a multi-well drilling and fracing campaign in 2013.

END

-0- Apr/04/2013 09:45 GMT

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