Extension of the subscription period for the private placement share issue and a reduction in the indicative subscription rate range.
As announced on the 10.06.2008 Nordic Petroleum ASA is currently conducting a private placement share issue of up to 40 million shares for specified existing and new prospective shareholders. The share issue is being conducted through a book-building process and the company has chosen to utilize the option to extend the subscription due date until Monday 7th July 18:00.
Based on the share price developments and the current market climate the probable subscription rate will be set at NOK 0.25 per share, as soon as the subscription period is ended. The board of directors in Nordic Petroleum will stipulate the final subscription rate once the due date has expired (est. 8th July). Allotment letters with further payment instructions are expected to be sent 11th July 2008.
As previously announced the purpose of the share issue is to raise capital to conduct a well drilling program on the oil sands area ‘The Chard’. The objective is to complete the drilling program during the winter season 2008/09, and due to the necessity of forward planning this must be resolved now. The purpose is to prove up the reserves that per diem are estimated at 92 million barrels “in place” to economically develop. This is based upon the prior geological study conducted by Degolyer & MacNaughton.
Nordic Petroleum ASA
For questions or info please call Arild Tolfsen, CEO
Telephone: +47 69 52 02 11 +47 930 99 859