Northcote Energy has entered into an agreement to acquire up to a 25% working interest ('WI') in certain producing leases at the South Weslaco Field, Hidalgo County, Texas from Aminex PLC.

South Weslaco is a non-operated, predominantly gas focussed property with four currently producing wells, which hold over 6,000 acres by production. Northcote's interest in the producing wells will be a 12.5% WI in one producing well and 25% WI in the remaining three wells. During the six month period ending 30 June 2013, the net interest produced 29 BOEPD and generated average revenues of over US$16,000 per month.

The effective date for the Acquisition will be 1 September 2013 and the consideration being paid consists of US$150,000 in cash and 12,348,372 new ordinary shares of no par value in the Company ('Ordinary Shares'), which equates to approximately $450,000 (at yesterday's closing price of 1.5 pence per share).

Tags: Aminex PLC, Northcote Energy