27 Oct 2010 10:15
For immediate release: 27 October 2010
Northern Petroleum Plc ("Northern" or "the Company") Additional Listing & Directors' Shareholdings
Northern announces that pursuant to the authority granted on 30 June 2010 it issued yesterday 62,244 ordinary shares of 5 pence to two directors and twenty staff who have taken part of their salary entitlement in stock. The shares have been issued at a price of 88.875 pence per share being the mid price at market opening on 26 October 2010.
The Company has also, pursuant to the authority granted on 30 June 2008, issued yesterday 12,500
ordinary shares of 5 pence following the exercise of warrants at 67 pence per share to subscribe for ordinary shares by an employee.
Each of the above new ordinary shares will rank pari passu with existing ordinary shares, and an application has been made for these shares to be admitted to trading on AIM with dealings expected to commence on 5 November 2010. Following admission, the total number of ordinary shares in issue will be 91,987,445.
As a result of the above issue, Chris Foss, Director of Finance, Legal & Corporate Affairs, has increased his holding by 5,513 to 107,565 ordinary shares of 5 pence each, representing 0.12 per cent of the enlarged issued share capital of the Company. In addition, Graham Heard, Exploration & Technical Director, has increased his holding by 5,513 to 568,897 ordinary shares of 5 pence each, representing 0.62 per cent of the enlarged issued share capital of the Company.
The directors' total beneficial shareholdings are now 2,892,661 ordinary shares, which represents 3.14 per cent of the issued share capital of the Company.
- Ends -
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Chris Foss, Director of Finance, Legal & Corporate Affairs Sophie Hull, Head of Corporate Communications Cenkos Securities (NOMAD and Joint Broker)
Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming Tel: +44 (0) 131 220 6939
Jefferies International (Joint Broker) Tel: +44 (0) 20 7029 8000
Chris Snoxall Financial Dynamics Tel: +44 (0) 20 7831 3113
Billy Clegg / Edward Westropp Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome / Michael Kinirons
Notes to Editors:
Northern Petroleum Plc (NOP) is an oil and gas company with exploration, development and production assets in the Netherlands, Italy, UK and Guyane. The Company's strategy is to acquire low entry cost exploration, production and development assets. Through undertaking geological, geophysical and engineering work, Northern adds value to shareholders from production and asset sales.
Northern has total P2 reserves of in excess of 102 million barrels of oil equivalent ("mboe"). In the Netherlands, where Northern has P2 reserves of 42.5 mboe, Northern has five gas fields in production. In Italy, where Northern has P2 reserves of 53.16 mboe, Northern is partnered with Shell and is pursuing a farm-out strategy. In the UK, Northern has 7.02 mboe. In Guyane, Northern is partnered with Tullow, Shell and Total.
Northern is well capitalised, has a track record of partnering with oil majors and is run by a senior and experienced management team.
Once Wijk en Aalburg is brought on production, Northern is forecasting a production rate in excess of 2,250 barrels of oil equivalent per day. This rate of production will increase as additional oil and gas fields in the Netherlands come on stream.
Northern is listed on the AIM market of the London Stock Exchange. www.northpet.com
vendor