We hereby announce that the subscription due date for new shares in the ongoing share issue, announced in the shareholder notification dated 9.3.2009, is extended from 10th March 2009 to 27th March 2009 18:00 hours (CET). The subscription and bookbuilding process has begun.
In reference to our previous notification, the capital requirement for Q2 2009 is estimated at a minimum of NOK 9 mill to maintain the operational activities that are necessary to implement the strategy set forth by the board. The proceeds will finance operations and the investment program which consists of at least two new wells in the same area where we have made a very promising discovery of oil and gas. With a historical success rate of 75% in the area it is more than likely that the company is in continuous production and cashflow by the end of Q2 2009. The development program for 2nd half of 2009 is under evaluation and the level of ambition will depend upon the results from Q2 as well as the market financing options available for the company at that time.
As announced the first well is now undergoing production testing. The first perforation zone has produced oil, but also more water than anticipated. Therefore further testing and analysis is required before the results for the wells commercial production is presented. The progress of the testing is hampered by the severe cold and thus the operational conditions at the well site. The company aims to keep the market informed in a timely manner of both the results and progress of the above activities.
The offered subscription rate is NOK 0,25 in line with the previous notification. The board, however, maintains the right to adjust the subscription rate during the allocation process depending on the subscription results and the OTC market share price.
You will also find more info about the company, the full prospectus, presentations and application form on our website www.nop.as – we suggest that all the information available is considered.
For questions or requests for more information please don’t hesitate in contacting us.
Fredrikstad, Norway 11th March 2009
Nordic Petroleum ASA
Please call Mr. Arild Tolfsen for more info,
Mobile : +47 – 930 99859,
E-mail : email@example.com