FULL CYCLE OIL COMPANY

SEPTEMBER 2012

NORTHERN PETROLEUM PLC

INTERIM RESULTS

Disclaimer

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• The Presentation Materials are exempt from the general restriction on the communication of invitations or inducements to enter into investment

activity on the basis that they are only being made to Exempt Persons and have therefore not been approved by an authorised person as would

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• The Presentation Materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in

Northern Petroleum PLC (“Northern Petroleum”) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on

in connection with, any contract with Northern Petroleum relating to any securities. Any decision regarding any proposed purchase of shares in

Northern Petroleum must be made solely on the basis of the information issued by Northern Petroleum at the relevant time. Past performance

cannot be relied upon as a guide to future performance. The Presentation Materials are being provided to recipients on the basis that they keep

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• The Presentation Materials do not constitute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules

produced and implemented by the Financial Services Authority (“FSA”) by virtue of the Prospectus Rules Instrument 2005) and have not been

approved as a prospectus by the FSA (as the competent authority in the UK). The Presentation Materials do not contain any offer of transferable

securities to the public as such expression is defined in section 102(b) FSMA or otherwise and do not constitute or form part of any offer or

invitation to subscribe for, underwrite or purchase securities nor shall they, or any part of them, form the basis of, or be relied upon in connection

with, any contract with Northern Petroleum relating to any securities.

Slide 1

Summary

Slide 2

Valuable asset and reserve positions acquired at low entry costs

Drilling development wells in core production base in The Netherlands

Exploration upside in Italy and Guyane

Company well funded with no debt finance

Exemplary environmental and safety performance

The Northern Value Proposition

Shares in issue as of 30th June 2012 95,365,660

Share Price at close 7th September 2012 66p

Market Capital £62.5 million

Less Cash in hand at 30th June 2012 £22.4 million

____________

Market Valuation of Assets £40.1 million

____________

Slide 3

2P Reserves (in barrels of oil equivalent)

Slide 4

Guyane - New Oil Province 17.85 million

Tullow has estimated over 1

billion bbl. potential

* On completion of agreement

with Azimuth, Northern’s net

Probable Reserves will be

45.2 million boe

Northern’s Business Model and Strategy

Slide 5

DEVELOPMENT

PRODUCTION ACQUIRE

EXPLORATION

FARM OUT TRADE

TRADE

CASH

Requirement for new

equity is kept low.

Opportunity to

realise value for

Shareholders

reviewed at

each phase of

the cycle.

Record of

Progress

Slide 7

A full cycle mature independent oil company.

Long record of good management, business integrity and

acknowledged environmental practice.

Commercial flexibility for portfolio projects to be purchased

or sold at any time within a clear business model.

Projects funded by strong financial management with a

commitment to project expenditures matched by revenue

and cash positions.

Low cost Operator in proven petroleum provinces.

Focussed on material projects.

Internally staffed with a record of continuity matching the long

term nature of the business.

Northern continues without debt and maintains a good

working capital surplus. Cash of €28 million at the end of June

2012.

Competitive Advantages

Northern’s Activities Summary

Slide 8

4 wells follow up 2011

discovery of new offshore

oil province

Shell, Tullow Oil and Total

are partners

6 producing gas fields

2 new production wells at Geesbrug

2 oil fields awaiting development

2 currently planned exploration wells

Shale oil potential

3 core areas offshore

Over 3 billion barrel potential in

proven hydrocarbon systems

Interest in 2 producing oil fields

Testing oil discovery

Further oil discoveries and

exploration prospects

The Netherlands: Six Producing Gas Fields, Exploration & Shale Oil Potential

Slide 9

2 gas development wells in 2012/13

Development planning for 2 new fields

A NuTech Report was completed in 2012.

This indicated a shale oil potential of 30

billion barrels in place. The rock

characteristics are favourable with good

porosity and permeability.

Net proven and probable reserves:

79.2 billion cubic feet of gas

4.2 million barrels of oil

Italy – Offshore Core Areas: Large Reserve Potential

Slide 10

1. Sicily Channel *

C.R146.NP permit

Vesta Prospect – 613mmbbls (**)

2. Offshore Sicily Gulf of Taranto *

Biogenic & Thermogenic gas

3. Southern Adriatic Sea

F.R39.NP permit

Rovesti Field – 33.56mmbls (2P)

Cygnus Prospect – 484mmbls (**)

Corvus Prospect – 406mmbls (**)

• Areas 1 and 3 are outside 12 nautical miles of the

recent changes to Italian law

** Internal estimate of mean prospective resources

1

2

3

Guyane

Slide 11

Northpet Investments Limited has 2.5% interest*,

Tullow Oil 27.5%, Shell 45%, Total 25%

In 2011, Zaedyus-1 was the first ever deep water

well in the region.

The second phase of exploration and appraisal

is a 4 well drilling programme which started in

July 2012 with drilling the second well in the

same fan system as Zaedyus to be followed by

an exploration well on a prospect defined by the

existing 3D seismic survey.

Northern is fully funded and committed to the 4

well programme.

* Northern owns a 50% equity interest in Northpet Investments Limited

Quality Partners

THE NETHERLANDS EBN

Nederlandse Aardolie Maatschappij (NAM – SHELL/EXXON)

WINTERSHALL

TOTAL

ITALY AZIMUTH

GUYANE TULLOW OIL

SHELL

TOTAL

UK IGAS ENERGY

Slide 12

The Netherlands: Market & Operational Update

Expansion of production at Geesbrug.

Permitting of Papekop and Ottoland sites.

Drilling material exploration wells at Diever West and Vlist.

Taking production up from the current forecast.

Slide 13

Italy: Market & Operational Update

Concentrating on the Southern Adriatic Sea assets as awarded. In this respect the attitudes of the

new Monti government are encouraging.

Undertake 3D seismic survey on licence F.R39.NP covering 2 prospects and the Rovesti field.

Find either project company, equity or industry partner to drill 3 to 7 key and Company changing

exploration wells, including the 484 million barrel mean prospective resources Cygnus prospect,

the 406 million barrel mean prospect resource Corvus prospect and the Rovesti field (P2

Reserves 33.6 millions bbls.).

Slide 14

Guyane: Market & Operational Update

Prepared and funded to complete four well appraisal and well exploration programme in this very

high potential new oil province.

After drilling our options including sale, will be considered as action for realisation of

shareholder value.

The June 2012 offer by Total for Wessex implied a value around $90 million.

Slide 15

2013 Activity Timeline 1 (provisi)

Slide 16

Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

NetherlandsGeesbrug-2 well (drill and complete)

Geesbrug-3 well (drill and complete)

Diever West well (drill and test)

Reprocessed seismic interpretation

Vlist prospect evaluation

Exploration opportunity evaluation

Ottoland development planning

Papekop development planning

Wijk en Aalburg sidetrack evaluation

Brakel sidetrack evaluation

Brakel compression installation

Quarter 4

20132012Quarter 4 Quarter 1 Quarter 2 Quarter 3

Provisional Activity Timeline

2013 Activity Timeline 2 (provisional)

Slide 17

Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

ItalySouthern Adriatic 3-D seismic acquisition

Seismic processing

Seismic interpretation

Well location determinations

Guyane (Northern's projection)Well 2 drilling and testing

Well 3 drilling and testing

Well 4 drilling and testing

Additional 3-D seismic acquisition

OtherOngoing new business activities

Quarter 4

20132012Quarter 4 Quarter 1 Quarter 2 Quarter 3

Provisional Activity Timeline - continued

2012 Corporate Interim Results Overview

Slide 18

AIM Listed Company: (AIM:NOP) Shares are approximately 66p and 95,365,660 in issue as at 7th September 2012

with 28.23% not currently in public hands.

Interim 2012

million

Interim 2011

million

Year 2011

million

Production (boe) 0.19 0.33 0.58

Revenue € 8.7 € 3.0 €24.5

Production Costs € 2.0 € 2.7 € 5.3

Profit from Operations € 2.2 € 1.01 €11.0

Profit for the period (pre tax) € 2.4 € 0.7 €10.5

Cash in hand at period end €28.2 €23.9 €29.8

Summary

Slide 19

Valuable asset and reserve positions acquired at low entry costs

Drilling development wells in core production base in The Netherlands

Exploration upside in Italy and Guyane

Company well funded with no debt finance

Exemplary environmental and safety performance

Board of Directors

Slide 20

Richard Latham

Chairman

Richard Latham was

appointed Non-Executive

Chairman during June 1999

and has been a member of the

Board since 1995. he is also

Non-Executive chairman of

Strategic Natural resources

Plc, Chairman of Ascension

Holdings Limited and a

number of its associated

companies and Chairman of

Obsidian Minerals Limited.

Richard holds an MBA degree

from Cranfield and has spent

most of his working life in the

City; initially as an Investment

manager and for over 26 years

with companies in the

upstream oil and gas industry.

Derek Musgrove

Managing Director

Derek Musgrove has held the

position of Managing Director

since 1999. He has previously

held senior managerial or

board positions with RTZ Oil &

Gas Limited, Candecca

Resources Plc, Plascom Plc,

Anglo Scandinavian

Petroleum Plc and Bass

Resources Limited. He was

also a consultant to a number

of oil and gas companies

particularly in the areas of

management, new projects

and trading of oil and gas

properties.

Graham Heard

Technical & Exploration

Director

Graham Heard was appointed as

Exploration and Technical Director

in May 2007, having been the

Exploration Manager of Northern

for the previous four and a half

years. He is a former Chairman

(1991) of the Petroleum Exploration

Society of Great Britain. Graham

has over 35 years’ experience as a

petroleum geologist, beginning his

career with Arco and then gaining

extensive international experience

with independents Siebens Oil and

Quintana Petroleum. He

subsequently held various

executive positions with Sovereign

Oil & Gas Plc, Neste Production

Limited and Sands Oil & Gas Plc.

Maurice Eaton

Group Operations Director

Maurice Eaton was appointed as

Director of Group Operations in

June 2011, joining the Board in

September 2011, having been

Technical Manager – Operations

since October 2009 and first

employed in 2007 as a Principal

Petroleum Engineer. He has over

30 years experience and holds a

Masters in Petroleum Engineering

from Imperial College. Starting his

career as a consultant with ERC,

gaining international experience

with Enterprise Oil, Amerada

Hess and Svenska Petroleum.

Maurice has had managerial roles

that have been highly commercial

with involvement in new ventures

activity and negotiations with

government authorities.

Board of Directors

Slide 21

Chris Foss

Director of Finance, Legal &

Corporate Affairs

Chris Foss was appointed to this

position in September 2010 and

has served as an Executive

Director since August 2005.

Chris is a member of the Institute

of Chartered Accountants in

England and Wales. Between

1998 and his joining the

Company in 2003 as Group

Financial Controller and

Company Secretary, Chris held

various finance positions with,

and acted as a consultant to,

energy related subsidiaries of GE

Capital Corporation, Bechtel

Group Inc, United Technologies

Corporation, and Centrica Plc.

Jerry White

Non-Executive Director

Jeremy White is currently a Non-

Executive Director, and is

Chairman of the Audit, Health and

Safety, Risks and Ethics and

Remuneration and Nomination

Committees, having previously

been Finance Director until August

2005. He is a Fellow of the

Institute of Chartered Accountants

in England and Wales. He has

worked in the oil industry for over

30 years, and immediately before

joining Northern he was UK Group

Tax Controller for PetroFina’s UK

operations.

Anthony Brewer

Non-Executive Director

Anthony Brewer was appointed

as a Non-Executive Director

during August 2006 and is

currently a member of the Audit

Committee. He has over forty

years of experience in fund

management and broking,

investment analysis and

corporate finance, with

specialist knowledge of the oil

and gas sector.

Rex Gaisford

Non-Executive Director

Rex Gaisford has worked in oil and

gas businesses worldwide for over 35

years, and was appointed to the

Board in August 2011. He has been

CEO, MD, director, project manager

of many large oil companies and led

multi-billion dollar exploration,

development and production

operations world-wide as well as

opened up new business

opportunities in the UK, US, Denmark,

Norway and Brazil. He has been

Managing Director & Executive Vice

President for American Independent

Oil Company, Amerada Hess

International and Project Director &

General Manager for Britoil Plc. Rex is

CEO of consulting company RCM

Consulting Limited