Northern Petroleum notes result of open offer

Northern Petroleum said its open offer -- at 3.5p a share on the basis of one open offer share for every seven existing shares -- was oversubscribed. It has thus raised aggregate gross proceeds of £752,500 via the offer.

Certain investors participating in the First Tranche Subscription agreed to subscribe for further Second Tranche Subscription Shares once the results of the Open Offer were known in order to maintain the same percentage equity interest in the Company after the completion of the Open Offer that they held before the Open Offer.

Accordingly, 12,630,000 and 7,970,000 New Ordinary Shares have been issued to High Power Petroleum LLC and Cavendish Asset Management Limited respectively in the Second Tranche Subscription at a price of 3.5 pence per share (being the same price as the Issue Price for the First Tranche Subscription and Open Offer), which has raised a further £721,000 (before expenses).