14 May 2008 17:47
For immediate release: 14 May 2008
Northern Petroleum Plc ("Northern" or the "Company") Director/PDMR Shareholding
Northern announces that on 13 May the Board approved the issue of 50,000 warrants to purchase 5p Ordinary Shares of the Company to the consultancy business of Birger Polkamp, a director of the Company's wholly owned Dutch subsidiary Northern Petroleum Nederland B.V.
The above warrants are exercisable at 140.50p, the prevailing mid-market price at close of business on 12 May 2008. The new warrants are open to exercise until 30 June 2011 and have been issued as a continuation of the Board's policy of providing performance based incentives to Directors and staff.
-Ends- Contacts:Northern Petroleum Plc
Derek Musgrove, Managing Director
Chris Foss, Finance DirectorTel: +44(0)20 7469 2900Bishopsgate CommunicationsNick Rome / Maxine BarnesTel. +44(0)20 7562 3350Notes to Editors:
In The Netherlands, Northern is currently embarked upon a programme to place two oil fields and four gas fields into production. In Italy Northern is seeking marine fleet, service and refining companies as partners to appraise and produce two offshore oilfields with 53.2 million barrels or reserves.
The Company has acquired the management interests in the producing Waalwijk gas field where it intends to implement plans to increase late phase gas production and move to develop a 30 Bcf underground gas storage facility alongside Star Energy and Essent. A second deal brought in gas production from block P12 operated by Wintershall, also in The Netherlands.
Northern's Netherland partner list is impressive, comprising NAM, Dyas, EBN, Essent and Wintershall.
The Company has the second largest exploration position in Italy of licences under management where activities can be expected to pick-up as the result of the extra funds now available. In addition the Company has announced plans to drill a projected eastward extension of the producing Horndean oil field in West Sussex and two other wells in the area.
Overall the Company is working on plans to drill 10 wells across the portfolio in the next 18 months.
Further information on Northern is available at www.northpet.com.
vendor