30th Jun 2005 13:00
Embargoed: 1400hrs 30 June 2005 Northern Petroleum Plc ("Northern" or the "Company") Extension of Warrants Northern announces that the term of 8,600,000 warrants to subscribe for8,600,000 ordinary shares of 1p each at an exercise price of 2.25p per share("Warrants"), held principally by directors and staff, has been extended by aperiod of 6 months until December 31st 2005. Under the terms of the warrantinstrument, the Warrants were due to lapse on June 30th 2005.The Remuneration Committee, and subsequently the Board of Directors, resolvedto extend the exercise period of the Warrants to 31st December 2005 and on 30thJune 2005, the Company received notification from all class warrant holdersagreeing to the variation.This decision has been taken after consultation, and in agreement with, HMRevenue & Customs in order to determine a clear and agreed tax treatment inrespect of the Warrants for both the Company and its employees, and to alsoextend expiry through and beyond the publication of the 2005 interim results.The directors of the Company hold the following number of Warrants:Derek Musgrove 3,300,000Richard Latham 1,400,000Jerry White 1,400,000David Roberts 500,000Contacts:Chris Roberts / Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDNORTHERN PETROLEUM PLCRelated Shares:
Cabot Energy