Northern Petroleum Raises Funds for Exploration

Northern Petroleum has raised GBP135,000 from a new share issue to help fund drilling commitments on the Seven Heads gas prospect offshore southern Ireland. Northern, which is listed on London's Alternative Investment Market, said it issued 4.5-mil new ordinary shares of 1 pence each in a placing at 3 pence per share. "The funds will go to meet our ongoing commitments but mostly for the Seven Heads project," said finance director Jerry White. Northern owns a 4% equity interest in the Ramco-operated Seven Heads field.