28th Jul 2006 09:58
For immediate release: 28 July 2006 Northern Petroleum Plc ("Northern" or the "Company") Extension & Issue of Warrants Extensionof WarrantsNorthern announces that the warrants due to lapse on 28 July 2006 and 31December 2006, held by Directors and long standing staff, have all had theirterms extended. The Remuneration Committee, and subsequently the Board ofDirectors of Northern, has resolved to extend the exercise period of thewarrants until 31 July 2011. The Company's Nominated Adviser has also beenconsulted on this matter. The Company received notification on 27 July 2006from all class warrant holders agreeing to the variation.The warrants held by Directors and staff which have been subject to thisextension are:Name Number of Warrants over Exercise Price Ordinary 5p Shares C.J Foss 200,000 12.50p R.H.R Latham 280,000 11.25p 120,000 15.625p D.R Musgrove 660,000 11.25p 250,000 15.625p J.M White 280,000 11.25p 120,000 15.625p Employees 400,000 11.25p 450,000 12.50p 250,000 31.25p Issue of WarrantsNorthern also announces that the Board has approved the issue to Directors ofwarrants to purchase 5p Ordinary Shares of the Company as follows:Name Number of Warrants over Exercise Price Ordinary 5p Shares C.J Foss 275,000 130p R.H.R Latham 150,000 130p D.R Musgrove 400,000 130p J.M White 150,000 130p All the above warrants are exercisable at a subscription price based upon theprevailing mid-market price at close of business on 27 July 2006. The newwarrants are open to exercise until 31 July 2011 and have been issued as acontinuation of the Board's policy of providing performance based incentives toDirectors and staff. -Ends- Contacts:Northern Petroleum PlcDerek Musgrove, Managing DirectorChris Foss, Finance DirectorTel: +44(0)20 7743 6080InvestecMichael Ansell/Andrew ChenTel: +44(0)20 7597 5000Panmure Gordon & CoKatherine RoeTel: +44(0)20 7459 3600Hansard CommunicationsChris Roberts / Ben SimonsTel. +44(0)20 7245 1100Further information on Northern Petroleum Plc is available via our website,www.northpet.comENDNORTHERN PETROLEUM PLCRelated Shares:
Cabot Energy