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30 June 2009
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:

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

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