Result of AGM & Share Reorganisation Update

5 Aug 2005 12:23

Immediate release: 5 August 2005 Northern Petroleum Plc ("Northern" or the "Company") Result of Annual General Meeting & Share Reorganisation Update At the Annual General Meeting ("the meeting") of the Company held today allresolutions as put to the meeting were passed.Share ReorganisationAs a consequence of the passing of the resolutions pertaining to the sharere-organisation, the Company wishes to update shareholders as follows.Share ConsolidationFollowing the passing of Special Resolution 7 at the meeting, the issued sharecapital of the Company will be 53,854,180 ordinary shares of 5p each. Theseshares have been assigned an ISIN of GB00B0D47T64 and will be admitted totrading on the AIM market of The London Stock Exchange with effect from Monday8 August.Those shareholders on the register who hold their shares via Crest will havetheir holdings automatically updated, while those who hold share certificateswill have new share certificates sent to them next week at their address asdetailed on the register. Those whose holdings do not divide by five exactlywill lose the rump of between one and four shares, and the aggregate of allthose rumps will be sold in the market and the proceeds kept by the Company, tothe benefit of all shareholders.Extinction of Deferred Shares and Cancellation of Share Premium AccountFollowing the passing of Special Resolution 6 at the meeting, the extinction ofthe Deferred Shares in issue, which had a nominal value of ‚£4,434,180, has nowbeen approved by both the deferred and ordinary shareholders of the Company. Inaddition, the ordinary shareholders have approved the cancellation of theamount standing to the credit of the share premium account as at 31 December2004, being ‚£9,332,685. The effect of this proposed reorganisation on thecapital structure of the Company was summarised in the Finance Report on page17 of the 2004 Annual Report & Accounts.These cancellations now require the confirmation of the High Court, and thefinal hearing date is set for 14 September 2005. -Ends- For further information please contact,Chris Foss, Company SecretaryNorthern Petroleum PlcTel. 020 7743 6080Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDNORTHERN PETROLEUM PLC