20 Dec 2016 07:00
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Strategic investment in Canadian assets completed
First Tranche Subscription closed
Board appointment
Northern Petroleum, the AIM quoted oil company focusing on production led growth, announces that further to the announcement of 30 November 2016 the divestment of 25 per cent. of the Company's assets in Canada to High Power Petroleum LLC ("H2P") has now completed. The remaining Disposals in Italy and Australia, as set out in the circular sent to shareholders on 30 November 2016 ("the Circular"), are subject to local regulatory approval and should complete in the new year.
Following the admission to trading of 124,047,017 New Ordinary Shares on 19 December 2016, the First Tranche Subscription has also now completed. The Open Offer, as described in the Circular, remains open for acceptances until 11.00 am on 9 January 2017. As stated in the announcement on 1 December 2016 and in the Circular, the size of the Second Tranche Subscription is contingent on the size of the Open Offer.
The terms of the Subscription Agreement with H2P include the right to appoint a non-executive director to the Company and accordingly Campbell Airlie has now been appointed to this role. Campbell has 36 years' experience as a petroleum engineer with extensive time spent in upstream field development strategy and implementation. His career has included reservoir and production management and technical excellence roles with Schlumberger, BP, Edinburgh Petroleum Services and most recently as founder and Chief Technical Officer of Seven Energy. Campbell has worked globally, including time spent on redevelopment assets in Alberta, Canada. He has also been a Distinguished Lecturer in Asset Management with the Society of Petroleum Engineers and a visiting lecturer in reservoir engineering and production optimisation at Heriot Watt University.
Jon Murphy, Chairman of Northern Petroleum, commented:
"We are very pleased to have Campbell join us on the board. He has extensive experience and will bring a wealth of industry expertise, with a particular focus on petroleum engineering and production optimisation. We believe his skill set will complement the board well and we look forward to working with him on what will be an exciting programme for Northern Petroleum in 2017."
Additional information to be disclosed pursuant to Schedule 2(g) and Rule 17 of the AIM Rules in relation to Campbell Airlie:
Campbell Joseph Airlie, aged 58, is currently a director of P3T Consulting Limited. Mr Airlie holds no interest in the ordinary share capital of the Company.
Other than the information contained within this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two paragraph (g) of the AIM Rules.
Capitalised terms used in this announcement shall have the meaning ascribed to them in the Circular unless the context otherwise requires.
-Ends-
Note to Editors
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com