Primepoint Holdings Sells Stake in Neptune Marine Oil & Gas

On November 17, 2007, Primepoint Holdings Ltd, a company controlled by Mr. Idar A. Iversen, entered into a share purchase agreement with a wholly-owned subsidiary of Jasper Investments Limited for the sale of 8,148,990 fully paid ordinary shares in Neptune Marine Oil & Gas Ltd. After the completion of the sale, Primepoint Holdings Ltd will have no remaining ownership interests in the Company.

Pursuant to the terms of the share purchase agreement, Mr. Iversen will, on Completion, acquire 514,000 shares in the capital of the Company from the Purchaser representing 3.5% of the issued share capital of the Company at Completion. On the date falling 18 months after Completion, subject to Mr. Iversen still being employed under, and being in compliance with the terms of his employment contract, Mr. Iversen will acquire an additional 514,000 shares in the capital of the Company from the Purchaser.


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