(NPE.L) Nautical Petroleum PLC Buy/Sell

RNS Number : 4814U Nautical Petroleum PLC 25 June 2009

For immediate release 25 June 2009

Nautical Petroleum plc

("Nautical" or "the Company")

Board Appointment and Director's Shareholding

Nautical appoints John Conlin as Non-Executive Chairman

Nautical Petroleum (AIM:NPE), the independent exploration and production company focused on the development of heavy oil assets in the UK and Europe is pleased to announce the appointment of Mr. John Conlin as Non-Executive Director and Chairman of the Company, effective from the 24 June 2009.

Mr. Conlin, aged 56, has over 34 years experience in the Oil and Gas industry, including 28 years with Shell in various senior management and operational roles. A petroleum engineer by profession, Mr. Conlin has previously served as a Non-Executive Director of Hardman Resources Limited and Delphian Technology Limited, and as Chairman of Fuelture Limited.

Mr. Patrick Kennedy, who has held the role of Acting Non-Executive Chairman since October 2008, remains on the Board as a Non-Executive.

Following his appointment, Mr. Conlin has been granted, under the Company's Share Option Scheme, options over 30,000 ordinary shares of 20.0p each in the Company. The options are to subscribe for new shares in the Company at an exercise price of 57.10 per share (being the average of the middle market quotations of Nautical shares for the 30 trading days preceding 24 June 2009). The options may be exercised semi-annually, on a pro rata basis, over a 24-month period from 24 June 2009. All share options must be exercised before 24 June 2017, failing which they will lapse.

As a result of the grant of these options, Mr. Conlin has the following interest in the ordinary share capital of the Company:
Ordinary shares number Share options number
Mr. John Conlin 0 30,000

Commenting on the appointment of Mr. Conlin, Steve Jenkins, Chief Executive Officer of Nautical said:

"I'm delighted that John has agreed to join the Board in the position of Non-Executive Chairman. John brings to Nautical 34 years of senior management, technical and operational experience in the Oil and Gas industry. His substantial corporate experience and understanding of developing growing companies will be invaluable as Nautical continues to progress our core assets to development"

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:

Current Directorships Past Directorships within last 5 years
Hardman Resources Limited
Delphian Technology Limited
Fuelture Limited

For further information please contact:

Nautical Petroleum plc 020 7550 4890

Steve Jenkins, Chief Executive Officer Paul Jennings, Commercial Director Will Mathers, Finance Director

Buchanan Communications 020 7466 5000

Ben Romney Ben Willey

Evolution Securities - Nominated Advisor & Joint Broker 020 7071 4300

Rob Collins Neil Elliot Adam James

Ambrian Partners Limited - Joint Broker 020 7634 4700

Richard Swindells Alexandra Carse

This information is provided by RNS The company news service from the London Stock Exchange

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