Private placement of shares Nordic Petroleum ASA

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The company has now completed a private placement within the proxy limits as the board of directors already has from the company’s annual general meeting. The share issue amounts to NOK 820,000,-. The share placement was conducted with the order price of NOK 0.15 per share.

The company’s defined and board authorized investment program is, as previously announced;

  • Development of Carmangay discoveries and commercial production of gas
  • Acquisition of new exploration areas in the same trend as Carmangay
  • Core wells and analysis on Chard
  • A limited number of new exploration wells
  • Implementation of a limited work program for Svalbard in line with license requirements
  • Active asset portfolio management and exploitation of our operator qualifications

The program has a frame of NOK 20 mill. This will upgrade reserves, highlight values and give the company a positive cash flow from the production of gas. The Board of Directors and the administration is working with various solutions for the funding of this program. Even though it is desirable to get started with the work program as soon as possible, the company has now resources and time to progress with the best possible solutions.

You can also find more information about the company on our website: www.nop.as

If you have further questions please contact us.

Fredrikstad, Norway 27. November 2009

Nordic Petroleum ASA

Contact Arild Tolfsen with enquiries,
Mobile : +47 – 930 99859,

E-mail : arild.tolfsen@nop.as