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Nautical Petroleum (NPE)

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Wednesday 04 January, 2012

Nautical Petroleum

26th Seaward Licensing Round

RNS Number : 9664U
Nautical Petroleum PLC
04 January 2012
 



 

For immediate release

4 January 2012

 

Nautical Petroleum plc

 

("Nautical" or the "Company")

 

 

26th Seaward Licensing Round

 

Nautical Petroleum plc (LSE: NPE) is pleased to announce that it has been offered a traditional licence, covering two exploration blocks, in the 26th Seaward Licensing Round second tranche of offers as follows:

 

Blocks

Partners

Nautical Interest

Firm Obligations

Contingent Obligations

12/16b & 12/17b

First Oil (Operator), North Sea Energy, EnCore Oil plc

20%

Shoot 2D seismic

Drill or drop within 4 years

Blocks 12/16b &12/17b lie in the Inner Moray Firth and have prospectivity in both the Lower Cretaceous (Coracle and Punt Sandstones) and the Upper Jurassic (Alhess and Claymore Sandstones).  The initial licence term is four years with the decision to drill a well required by the end of the initial licence term.

In addition, subject to Department of Energy and Climate Change (DECC) approval of an offer made to and accepted by InfraStrata plc, Nautical will acquire an interest in another traditional licence covering three exploration blocks, as follows:

Blocks

Partners

Nautical Interest

Firm Obligations

Contingent Obligations

97/14, 97/15, 98/11

InfraStrata (Operator), Corfe Energy Limited, eCORP Oil & Gas UK Limited

10%

Obtain and reprocess 2D seismic

Drill or drop within 2 years

Blocks 97/14, 97/15 and 98/11 cover an offshore area of 584 square kilometres adjacent to the Dorset coast, close to the Wytch farm oilfield.   The initial licence term is four years with the decision to drilling a well required within the first two years.

Commenting on the 26th Licensing Round and the licence offers, Nautical's Chief Executive Officer, Steve Jenkins said:

"We are delighted to have been offered Blocks 12/16b and 12/17b, which lie north east of the Beatrice and Jacky fields and the 12/21-3 discovery.  We are greatly encouraged by the presence of large leads at four stratigraphic levels. 

 

The English Channel blocks (97/14, 97/15 and 98/11) contain interesting prospects and discoveries, including the 98/11-2 well drilled in 1984.  This encountered a 26 metre gas column which was tested and flowed at an approximate rate of 10 million standard cubic feet of gas per day.  Part of our programme will be to establish the commerciality of this discovery, which can be accessed from an onshore location."

 

For further information please contact:

 

Nautical Petroleum plc

020 7647 0120

Steve Jenkins, Chief Executive Officer

Paul Jennings, Commercial Director

Will Mathers, Finance Director


 

Buchanan

 

020 7466 5000

Ben Romney

Helen Chan

 


Evolution Securities - Nominated Advisor & Joint Broker

020 7071 4300

Chris Sim

Neil Elliot

 


Ambrian Partners Limited - Joint Broker

020 7634 4700

Matt Einhorn

 


 

 


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