Cabot Energy Regulatory News (CAB)

3 Nov 2005 13:13

03 November 2005 Northern Petroleum Plc ("Northern," the "Group" or the "Company") Extinction of Deferred Shares and Cancellation of Share Premium AccountNorthern is pleased to advise shareholders that the High Court of Justice,Chancery Division confirmed the cancellation of both the Deferred Shares andthe amount standing to the credit of the share premium account of the Companyas at 31 December 2004, being ‚£9,332,685. The registration date at CompaniesHouse of the Order of Court has today been confirmed to be 31 October 2005, atwhich date an undistributable reserve is required to be created to protect thecreditors of the Company as at the registration date. This reserve is reducedupon settlement of those creditors. These cancellations were approved byshareholders following the passing of Special Resolutions at the Annual GeneralMeeting, as reported on 5 August.The effect of the reorganisation on the capital structure of the Group once allcreditors of the Company, as at the effective date, have been paid isdemonstrated by the proforma 30 June 2005 capital and reserves summary below: Group 30 June 2005 - 30 June 2005 reported - proforma ‚£'000 ‚£'000 Capital and reserves Called up share capital 7,127 2,693 Share premium account 9,343 10 Special reserve - 3,728 Profit and loss account (10,292) (253) Shareholders' funds - 6,178 6,178equity Chris Foss, Finance Director of Northern, stated:"The approval of this capital reorganisation brings forward the point at whichthe Company could be in a position to pay a future dividend to shareholders andin the process eliminates the effect of historic losses upon the balance sheet.This is an important step as Northern moves towards production and cash flowfrom its onshore Netherlands portfolio." -Ends- For further information please contact,Chris FossNorthern Petroleum PlcTel. 020 7743 6080Chris Roberts/Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDNORTHERN PETROLEUM PLC