18 Dec 2008 16:36
For immediate release: 18 December 2008
Northern Petroleum Plc ("Northern" or the Company") Issue of Warrants
Northern announces the issue of 1,255,000 warrants to purchase 5p Ordinary Shares of the Company to a number employees and key consultants of the Group.
The Board of Directors of Northern resolved at a Board Meeting on 12 December to issue the warrants at the prevailing mid-market price at close of business on that day, being 67p. All of these warrants are subject to rolling lock ins that start from 1 June 2009 and the warrantholders have agreed to the immediate cancellation of certain previously awarded warrants. The Company has also consulted its Nominated Adviser on this matter.
The warrants have been issued as a continuation of the Board's policy of providing significant non cash performance based incentives to employees, and are in recognition of the substantial profits and reserves growth the Company has achieved in the past two years.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900
Richard Latham, Chairman
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Graham Heard, Exploration & Technical Director
Investec Tel: +44 (0) 20 7597 5000
Michael Ansell / Patrick Robb
Blue Oar Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs
Bishopsgate Communications (Press) Tel: +44 (0) 20 7562 3350
Nick Rome / Maxine Barnes
Buchanan Communications (Analysts) Tel: +44 (0) 20 7466 5000
Tim Thompson / Ben Romney
Notes to Editors:
Further information on Northern is available at www.northpet.com.
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