Northern Petroleum Plc
LSE : NOP

June 30, 2009 11:37 ET

Cancellation of Share Premium Account

                                                                                                      
                                                                                          30 June 2009
                                                   
                                        Northern Petroleum Plc
                                                   
                                     ("Northern" or the "Company")
                                                   
                                 Cancellation of Share Premium Account

Northern  is  pleased  to advise shareholders that the High Court of Justice,  Chancery  Division  has
confirmed  the cancellation of the amount standing to the credit of the share premium account  of  the
Company  as at 31 December 2007, being £18.923 million (€23.885 million), and that the Order of  Court
was  delivered to Companies House on 30 June 2009 (the "Effective Date"). The creditors of the Company
as  at the Effective Date will be protected by the transfer of the applicable balance to the Company's
undistributable special reserve. This reserve will be reduced, and the applicable balances transferred
to  the  Company's distributable special reserve, upon settlement of those creditors. The cancellation
of  share premium was approved by shareholders at the 2008 Annual General Meeting, as reported  on  30
June 2008.

The  effect  of  the reorganisation on the capital structure of the Group (once all creditors  of  the
Company,  as at the Effective Date, have been paid) is demonstrated by the 31 December 2008  pro-forma
capital and reserves summary below:
                                                                                                      
                                                                        31 December        31 December
                                                                               2008               2008
                                                                              €'000              €'000
                                                                        (Pro-forma)         (Reported)
Capital and reserves                                                                                  
Share capital                                                                 4,488              4,488
Share premium                                                                    79             23,964
Special reserve (Distributable)                                              28,429              4,544
Special reserve (Undistributable)                                               154                154
Share incentive plan reserve                                                  2,384              2,384
Foreign currency translation reserve                                          (468)              (468)
Retained earnings                                                            28,479             28,479
Total equity                                                                 63,545             63,545







                                              ---ENDS---
                                                   
                                                   
For further information please contact:

Northern Petroleum Plc                                    Tel: +44 (0) 20 7469 2900
Chris Foss, Finance Director

Jefferies International                                   Tel: +44 (0) 20 7029 8000
Chris Snoxall / Schuyler Evans

Astaire Securities                                        Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs

Bishopsgate Communications (Press)                        Tel: +44 (0) 20 7562 3350
Nick Rome / Michael Kinirons

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.

Contact Information

  • Northern Petroleum Plc