Double director purchase at Northern Petroleum

7th Oct 2013 16:45

Northern Petroleum, an oil and gas company, on Monday announced share purchases by two of its directors, one week after the agreement of the sale of its Netherland subsidiary, Northern Petroleum Nederland. Graham Heard, the company's Exploration & Technical Director, purchased 30,000 shares in the company at a price of 33.5p per ordinary share, while Nick Morgan, the group's Finance Director, bought a total of 72,924 shares for 33.75p each. As a result, Heard has a beneficial interest in 617,497 shares, representing 0.65% of the issued share capital, while Morgan has a beneficial interest in 72,924. The sale of the subsidiary is expected before this middle of this month, and will earn the hroup $27.5m, in addition to a net profit interest in the Papekop production licence and a net profit interest over any future production from unconventional reservoirs. Top Director BuysTyraTech Inc. (Reg S) (TYR) Director name: Mr Alan ReadeAmount purchased: 675,000 @ 5.00p Value: £33,750Northern Petroleum (NOP) Director name: Mr Nicholas Talbot Morgan Amount purchased: 72,924 @ 33.75p Value: £24,612Northern Petroleum (NOP) Director name: Mr Graham HeardAmount purchased: 30,000 @ 33.50p Value: £10,050NR