Northern Petroleum Chairman increases stake in company

Chairman of Northern Petroleum, Richard Latham, has purchased 5,000 shares in the company at 48.5p each, a statement revealed Friday.

Latham now holds 967,477 shares - which equates to 1.01% of the issued share capital of the company - following the transaction Wednesday.

Non-Executive Director, Dr Rex Gaisford, has also taken up shares in the company. He bought 50,000 ordinary shares at 48.75p each on Thursday.

Gaisford's acquisition pushes his issued share capital up 0.08% to 73,500 shares. His holding includes 11,000 shares acquired on September 14th at 91.1p each, which were not previously disclosed.

The directors of the company's aggregate beneficial shareholding includes 3,604,461 ordinary shares, representing 3.78% of the issued capital.

The UK oil and gas company, which has a market capitalisation of £53.40m, holds more than 40 licences in a number of low risk areas.

The organisation said it would continue in its strategy of securing value for its shareholders. Shares rose 0.91% to 55.25p at 10:30 Friday.

RD