NEW CITY ENERGY LIMITED (IN LIQUIDATION) (THE "COMPANY")

    First interim liquidation distribution announcement

    At an extraordinary general meeting of the Company held on 7 March 2017,
    shareholders passed resolutions to wind-up the Company and appointed Linda
    Johnson and Robert Kirkby of KPMG Channel Islands Limited as joint liquidators
    (the "Liquidators").

    Further to the shareholder circular dated 17 February 2017, the Liquidators
    announce their intention to make a first interim liquidation distribution (the
    "First Interim Distribution") of:

    GBP £0.16120 per ordinary Sterling share issued

    The First Interim Distribution will be effected pro rata to the holdings of
    ordinary Sterling shares on the register at the close of business on 28 March
    2017 (the "Record Date").

    The First Interim Distribution will be paid by CREST on 4 April 2017.  Where
    investors are not CREST registered, this payment will be by way of Sterling
    cheques drawn upon a UK clearing bank posted to the Shareholder's registered
    address as at the Record Date.

    Enquiries:

    The Liquidators
    Linda Johnson and Robert Kirkby
    KPMG Channel Islands Limited
    P.O. Box 453
    St Helier
    Jersey, JE4 8WQ
    Tel:  01534 888891
    restructuring-ci@kpmg.com