Northern is delighted to announce that it has completed a placing of 52,500,000 ordinary shares of 1p each (“New Ordinary Shares”) at a price of 6 pence per New Ordinary Share raising £3.15 million (approximately £3 million after expenses).

The funds raised provide the Company with a reserve for testing and follow-up second phase drilling to that already planned for later this year on Northern’s licences in the South of England. The funds will also enable the Company to increase its onshore interests through applications in the 12th Round of Onshore Licensing closing in June this year. Northern is currently negotiating to acquire two further projects, one in the North, and one in the South of England.

In addition to benefiting Northern’s UK projects, the new funds will also enable the Company to bring forward work in Italy where the Company has recently won a number of new licences.

Derek Musgrove, Managing Director commented:

“Northern Petroleum has established a strong position not only in the UK, but also in Italy. The new funds will permit the Company to accelerate its work programme. This reflects the Board’s confidence in these projects.”

Application has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that trading will commence on 15 April 2004.

For further information please contact:

Derek Musgrove, Managing Director
Northern Petroleum Plc, tel. 020 7743 6080.

Chris Roberts / Ben Simons
Hansard Communications, tel. 020 7245 1100