Nautical Petroleum plc is an independent hydrocarbon exploration and development company listed on the London AIM. The company's mission is to acquire, develop and add value to discovered heavy oil, initially on the United Kingdom Continental Shelf.

Latest Company News

Download Nautical 2007 Annual Report

Hardman & Co. Research note

The dark horse in 2007 imho.

From djpreston on TMF on 29/11/2006

New note just out today. (Bridgewell)

Its an interesting piece saying how there are "a number of asset backed oil companies on AIM that will look attractivew to a trade buyer; most notably, in our opinion NPE."

They say, "The stock has slumped to a 67% discount to our 19.5p NAV. This equates to an EV/boe of under $1.90 (2P reserves plus contingent resources). We are upgrading the stock today from Overweight to Buy."

I could do with Big Al looking in here unless Mr P90 gets here first!!!

Borrowed from somewhere else in the ether.

Starts:-

"I'm a senior petroleum engineer and thought you alls might like to know a few things about North Sea Heavy oil.

1/ It flows

2/ It is contained in shallow reservoir sands of excellent quality with permeabilities of up to 10 darcies

3/ Chevron, BP, KerrMcGee have produced nearly a billion bbls of the stuff from the Gryphon, Captain, Alba, Harding fields etc.

http://www.og.dti.gov.uk/pprs/full_production.htm

4/ The techniques that have unlocked heavy oil are long horizontal wells, sand screens (ten darcy rock is very unconsolidated), improved submersible pump run times (electrical and hydraulic).Heavy oil fields produce in the same way as every other oil field in the world. The only difference is their recovery factors are slightly lower (25%-35%,rather than the 40-75% achieved with oils of lower viscosity) due to unfavourable oi/water mobility ratios - all fields require water injection or natural aquifer drive to maximise recovery.

5/ As far as NPE.L are concerned, they have a field with sixteen penetrations that produced over 600,000 bo during an extended welltest. I have no detailed knowledge of the Mariner field and am not one to repeat pub talk. All I can say is I am a holder of NPE stock and I top up every month. Many of my colleagues are aswell.

6/ Chevron are the operators of the Mariner field. They have a proven track record of heavy oil development. They have publicly stated they shall be submitting a field development plan soon. All Mariner have to do is pay the bills.

http://www.offshore247.com/news/article.asp?Id=6355

7/ Heavy oil is attracting the attention of other North Sea Players. Venture Production have plans for their Pilot heavy oil field

http://www.vpc.co.uk

7/ Heavy oil currently sells at a discount to Brent. There is a view that, as more refinery capacity comes on line, heavy oil might trade at a premium to Brent crude.

8/ If you want to know more about heavy oil, take a look at this website

http://heavyoil.senergyltd.com/events.asp?page=dti_heavy_oil_2004

I hope the above helps.....................

Asusual with these things, I do not know the poster and therefore can not verify his claims of expertise.

Please dyor.

And here is what Darron Preston of Rickerby's says on 28/11/2006

http://boards.fool.co.uk/Message.asp?mid=10292206

From the start I should say that we've been quite active today in picking up a goodly amount of NPE so Im obviously a ramping geet ;-)

Right short version is its cheap IMO having been sliding for some time now - they raised money in a placing at 10.25p last Dec, peaked at 14p odd and are now 6.5p. Obviously the company is in dire straits with no prospects and no chance of doing anything soon? Not so.

Website:

http://www.nauticalpetroleum.com/

Nautical is a UK (mainly) heavy oil play - so we are talking the deeply horrible sticky stuff that nobody wants and never flows at high rates (or so you may think). Nautical is not an explo story in that it focusses on its licences of proved discovered oil. Risk is therefore much reduced.

Their operations are nicely summarised on the website with click through to deeper detail:

http://www.nauticalpetroleum.com/locops.htm

One of the main plays is the Mariner discovery (yes, discovery). This flowed a maximum of almost 15k bopd. Heck, just read the prospect summaries, they give you all the data you need. Chevron are widewly reported to have 2007 set as the date for development of this 82m recoverable Maureen Sandstone reservoir and there is also a shallwer Heimdal reservoir.

2006 has been a year of activity with:

1. farm out to SK Corp (via Celtic Oil).

2. Acquisiton of interests in skipper and Bluebeard discoveries

3. The recently announced deal that has secured two drill slots for the Kraken and Mermaid prospects in 2007. Again, these are all prepped and set for appraisal drilling.

In addition, the company has cash and is also seeking additional licences in the 24th licensing round - news due shortly.

Im not going to show my calculations here, it is a relatively simple on to do with the information on the website. Simply put, I feel that the NAV in around the 20p level - Im slightly more optimistic than Bridgwell who have 19.5p (7.3p core commercial and 12.3p risked explo). So 6.5p to me, with big news coming looks way too low given the proven oil discoveries that NPE has.

There appears to be/has been a seller in the market that has driven the price down due to lack of interest in the story but Im quite happy now to pick up stock at these levels and a market cap of c70m. NPE to me looks like it could be an ideal takeover target were it not for the 44% held by Maasefield, the oil trading company that was the parent of NPE. Interesting to note also the presence of MHR (who I think some Dana shareholders may remember).

Im pretty sure that there is an Oilbarrel presentation out there somewhere but I cant find it.

Anyway, thats a quick heads up on a company that looks to me like it has been kicked in the goolies and is looking for some love.

Cheers

Interesting.....

.

Awards in 24th Seaward Licensing Round

Sorry, I had posted the award details but the formatting is naff, so please look at the news via the link.
sww

http://www.nauticalpetroleum.com/NPE_050207.pdf

http://www.nauticalpetroleum.com/NPE_050207.pdf

FYI

Latest info from the Chevron internal website regarding project sanction




Mariner FEED comes on to Chevron horizon 30 March 2007
Upstream
Chevron intends to start front-end engineering and design on its Mariner heavy oil field in the UK North Sea in the second half of this year, followed by the submission of a field development plan before the end of 2007, writes Christopher Hopson.

Field partner Nautical Petroleum, the London-listed company that focuses on the development of heavy oil assets in the UK and Europe, said Chevron intends to get the project on UK Block 9/11a moving forward this year, followed by expected project sanction in the first half of 2008.

"In 1997, an extended well test produced 662,000 barrels of oil over 63 days at a maximum rate of 14,991 barrels per day from Maureen formation sands," said Nautical.

A rig has been chartered from the Peak Group to drill a well on the adjacent part-Block 9/11c, where the Mermaid prospect has best-estimate prospective resources of 129 million barrels of oil.

Mariner, in Block 9/11a, is operated by Chevron and is thought to be one of the biggest undeveloped oilfields remaining in the UK North Sea.

It is estimated to contain about 800 million barrels of oil in-place. Discovered by Texaco in 1981, the field underwent appraisal drilling and an extended well test in 1997.

The 12 to 14-degree API heavy oil is held in the Maureen and Heimdal reservoirs. The field holds about 400 million barrels of oil in-place in the Maureen horizon, of which recoverable reserves are estimated to be 50 million to 80 million barrels.

The Heimdal reservoir is believed to hold at least another 400 million barrels of oil in-place.

The Mariner partners are Chevron (44.44%), Eni (28.89%) and Nautical (26.67%).

Nautical reported pre-tax losses of

730,000 ($1.4 million) for the six months to December 2006, compared with a loss of

1.12 million in the six months a year earlier.

The company has no revenues from production as yet.

and no obvious reason to chuck your money in here either

Heads up! 3 drills coming up in the next couple of months and Hydro on board in place of Chevron. Silverstone farmed in for Mermaid drill. Results 2nd Oct. Now is the time to chuck some in imo.

Indeed oilwatch - could get very interesting in the coming months.

Hardman Sept 2007 note on NPE :

http://www.hardmanandco.com/Research/Nautical_Sept_190907.pdf


Recent Oil Barrel article :

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1190712032


25.09.2007

Heavy Oil Specialist Nautical Petroleum Has Built a Substantial Portfolio of Prospects, Now The Fun Begins - The Drilling

London AIM listed Nautical Petroleum has built up a substantial portfolio of prospects in the UK Continental Shelf, in southern France and the East Irish Sea. A heavy oil specialist, it lists seven discoveries and development prospects in the UKCS and France amongst its assets as well as some low cost exploration opportunities.

It has taken twenty-four months to get from there to here in terms of assembling the portfolio, but the company has now announced some definite dates for drilling.

First out of the traps is an appraisal well to test the Kraken prospect on the companys 9/2b licence. Kraken was discovered in 1985 and tested oil in the Heimdal sandstone, with the best estimate contingent resources totalling 53 million barrels (23.9 million barrels net to Nautical). Nautical farmed out an interest to Korean SK Corp early in 2007, under which part of its costs are carried. The Byford Dolphin rig is due on location late in September and is scheduled to spud the well in mid-October.

Following the drilling on Kraken the rig will then move to block 9/11c to appraise the Mermaid prospect. Nautical has completed extensive seismic work over this prospect, which has confirmed a robust pinch out in the Maureen horizon. Best estimate prospective resources totals 129 million barrels of oil.

The company has recently completed a second farm out. Silverstone Energy will acquire a 10 per cent interest in the North Sea Block 9/11c. Earlier Nautical farmed out 40 per cent to Celtic Oil so it retains 50 per cent of the prospect. Nautical will have its share of the costs fully carried for a substantial proportion of the drilling; thereafter it will bear a reduced share of the costs above a certain fixed level.

In France, Nautical is preparing for an appraisal well on the Grenade prospect during Q4 2007. This well will then lead to testing in the spring of 2008 to confirm production. Nautical has a net interest in 2.8 million of best estimate contingent resources on the Grenade prospect in the Aquitaine basin.

Nautical will also commence a site survey of the Selkie prospect which contains net best estimate prospective resources of 13.2 million barrels of oil, ahead of a planned well in early 2008.

We have reported earlier on progress on one of Nautical key properties, the Mariner field. This holds the record of being the most heavily appraised undeveloped field in the North Sea. There have been a total of seven appraisal wells and in flow tests over 650,000 barrels have been produced. Gross 2P reserves have been put at 82 million barrels and Nautical owns just under 27 per cent of the field. Chevron was the operator and had been perceived by Nautical to be dragging its feet over development of the field. However Chevrons interest and operatorship has been taken over by Norsk-Hydro, with the likelihood that development will now take place earlier than the 2010 date originally envisaged.

In parallel with this drilling activity, Nautical is to commence seismic acquisition over block 3/27a and 9/2 b to firm up drilling locations over the Hyrda prospects. The company will shoot closed spaced 2D seismic, which will be reinterpreted into a 3D model of these leads.

Outside of the UKCS, Nautical has developed a significant position in the East Irish Sea following the 24th Licensing Round, the results of which were announced in February 2007. The company secured Blocks 113/29c and 113/30, which Nautical will operate as a traditional licence. Block 113/29c contains the Merrow Prospect, which contains proven oil and gas migration in the Ormskirk, Triassic and Collyhurst sandstones. Merrow is a large prospect with best estimate prospective resources of 123 million barrels of oil or 393 bcf of gas, located at 2 levels. Seismic data is currently being reprocessed, following which Nautical will decide on its drilling activity.

Commenting on all this Steve Jenkins, Chief Executive of Nautical said: The commencement of drilling marks a step change in activity for the company, and we are now in an excellent position to confirm potential oil reserves of over 100 million barrels of oil, in addition to confirming prospectivity of a further 100 million barrels of oil.

Our presence in the North Sea, Irish Sea and Europe confirms our leadership in heavy oil, which following the offer by Norsk- Hydro for Chevrons interest in the Mariner Field, underlines the increased interest by major companies in these undeveloped resources.

Heavy oil has not always been popular. It has a low recovery rate. It is difficult and expensive to extract and has usually been sold at a 10 to 20 per cent discount to Brent crude. As a result it is a resource that the UK North Sea, at least, has been sparsely exploited in the past, even although it is known to be available in abundance. Continuing high oil prices have begun to transform the situation.

But it is not just the high oil price, which has changed the position. Nautical owns specialised equipment that allows it to test oils with an API down to 10 degrees and has access, through Quadrise Fuels International, to new proprietary technology that converts these heavy oils into a fuel for power generation adding between US$3 to US$7 to the value of a barrel and meaning that the oil can sell at a premium rather than a discount to Brent crude.

Some 160,000 bpd of heavy crude is now being produced from the UK waters. Steve Jenkins argues that Nautical itself could be producing 30,000 bpd in five years time. We shall see.

New Edison note out. They comment that presently the shares appear significantly undervalued. :

You can download the full 8 page report on the link below.

http://www.edisoninvestmentresearch.co.uk/research/category/Nautical%20Petroleum

"Sep 28 2007 Primed for revaluation

Nautical Petroleums recent operational and farm-in announcements have provided clear indications of the high potential and reduced risk associated with its discovered and near-term exploration prospects. The StatoilHydro-operated 450m (110MMBO) Mariner oil discovery has the makings of a high value asset providing strong cashflows. This is complemented by four near-term high impact drilling opportunities in the UK North Sea. Through attractive farm-in deals the company has been able to minimise costs and, as a result, is fully funded for its current exploration programme.

Research type: Review"

http://www.abcmoney.co.uk/news/282007142484.htm

.......................................Nautical Petroleum PLC earlier this week signed a farm-out agreement with Silverstone Energy, whereby Silverstone will acquire a 10 pct interest in the North Sea Block 9/11c.

Nautical will retain a 50 pct interest as operator and Celtic Oil will retain a 40 pct stake.

Under the agreement, Silverstone will pay 20 pct of the costs of drilling the imminent vertical exploration well on the Mermaid prospect, scheduled to be spudded in late October 2007.

While the company's present exploration and appraisal commitments are covered by farm-outs and the current cash position, in the longer term, debt finance is expected to play a significant role in funding the developments, according to Tony Alves of KBC Peel Hunt.

The analyst points out that the shares are at a discount relative to his 13 pence a share Core NAV estimate, which itself has potential to grow strongly on successful drilling over the next 12-18 months.

On the results front, Alves expects year to June 2007 pretax losses to narrow significantly -- to 1.7 mln stg from 7.2 mln.

Meanwhile, Hardman & Co's cash flow models value Nautical's core discovery portfolio at 16.2 pence a share which, with the risked exploration prospects, rises to 26 pence a share.

Nautical's autumn drilling programme is now set to begin in earnest and Hardman expects a raft of news flow in the next few months with drilling at Kraken, Grenade and Mermaid.

The drilling at Kraken is effectively appraisal work. If successful, Grenade should provide useful cash flow, but it is a small component in Nautical's portfolio, Hardman points out.

The material event for investors this autumn will be the drilling at Mermaid. Should the well prove the discovery post farm-out, Hardman estimates it will add 47 mln stg to Nautical's core asset base.

On success, this would bring Hardman's core value up to over 20 pence a share with an overall valuation of 30 pence a share.

The corporate research outfit predicts year to June 2007 pretax losses of 1.6 mln stg......................................................

Dear cynic.

The obvious reason to chuck some money in here was because I could buy and range trade between 7p and 9 p quite happily now averaging 3.86p per share.

Not sure how long I will stay in, but every little helps as they say in Sainsbury's.

Not sure what they mean but there you go.

Heavy oil extraction can be a problem but as you will know NPE think they have a much more efficient way of extracting a grater percentage than others due to new technology.

We will see, meantime next new drill round to start very soon could earn me an even better average.

http://www.investegate.co.uk/Article.aspx?id=200710020701519300E

Nautical Petroleum PLC
02 October 2007

Nautical Petroleum plc
('Nautical' or 'the Company')

Final Results
for the 12 month period to 30 June 2007

Nautical Petroleum plc (AIM: NPE), the independent E&P company focused on the
development of heavy oil assets in the UK and Europe, today announces its Final
Results for the 12 months ended 30 June 2007 and gives notice for the convening
of the Annual General Meeting ('AGM') of the Company to be held at Hesperia
Hotel, 2 Bridge Place, London SW1V 1QA on Wednesday, 11 December 2007 at 12.00 noon.

HIGHLIGHTS

Nautical's strategy over the last 24 months as an early mover in the heavy oil
sector has been to build a world class portfolio of quality resources at low
cost. The imminent drilling of its first 3 wells next month marks the beginning
of a new phase and will place the company in an excellent position to confirm
potential oil resources of over 100 mmbo:

Portfolio Activity

Success in all 24th round applications: 4 licences (3 traditional, 1
promote) with 2 discoveries and 1 firm well.

Completed the farm-out to Celtic Oil Limited to share risk and cost on 5
wells and seismic, including the Kraken and Mermaid Wells.

Agreement signed to farm-out 10% interest in Mermaid to Silverstone
Energy Limited

Significant evaluation of portfolio to de-risk prospectivity:

Mermaid well targeting 129 mmbo best estimate prospective resources

Kraken well to firm up 53 mmbo in best estimate contingent resources

Grenade well to firm up 12.6 mmbo best estimate contingent resources
ahead of planned production in 2008

Imminent activity to include:

Extensive seismic and drilling programme through to the end of 2008

Continued expansion of portfolio through acquisition and licence
round awards

Nautical now has:

. 13 UK licences (17 full and part blocks) and 1 French licence. Nautical
operates 9 of the UK licences.

. Eight discoveries on the portfolio

. 22 mmbo probable reserves; 56 mmbo contingent resources; and a further
97 mmbo prospective resources.


Financial & Corporate

Resourced for imminent drilling and seismic activity

Cash balance of 8.9 million at 30 June 2007

Loss of 0.4 million

Commenting on the results, Steve Jenkins Chief Executive of Nautical said:

'Our skills in heavy oil - and knowledge of the potential of the UKCS is leading
us to work with many multinational oil companies who appreciate the underlying
value of this un-utilised hydrocarbon potential.'

'Nautical has built a world class portfolio over the last three years, with low
risk prospects and discoveries, which will spearhead our drive to secure
reserves - ahead of imminent production in 2008.'

Good to be on board for the medium term in my opinion.

http://business.timesonline.co.uk/tol/business/markets/article2578332.ece

Tiddler to watch

Keith Morris, an analyst at Evolution, believes that Nautical Petroleum, the explorer for heavy oil, up 1p to 11p, could triple its share price in the coming months if drilling is successful in three wells in the North Sea. Oils presence in the region is well-established and costs are spread among third parties. He has a target price of 17p.

Another nice move higher as a bit more awareness gathers following today's Times tip.

Yep.

Sometimes it pays not to have a jaundiced eye on little E&P's.

This is a case in point.

Oct 3rd Hardman Update :

http://www.capmarkets.com/ViewFile.asp?ID1=77476&ID2=176141281&ssid=1&directory=12925&bm=0&filename=Nautical_Oct07.pdf


.

That's some Hardman update. I read most of their analysis and monthly reports and this comes across incredibly well in my opinion.

On a nice little rise today, long may it continue.

Broker has a 17p target for where NPE are now, with the potential for over 30p should the coming drilling come out good. Means its presently undervalued and the high impact upside is not presently in the price - which makes the perfect play for the keen eye imv.

Nice 500K buy at 13.23 (above the offer which is 13p).

More talk on Edison report dated today of high potential and reduced risk with discovered and near term exploration prospects.

Price continues to get squeezed now as we head to broker 17p target

Well, I have to say this is another good one for me, I have tightened my stop behind the sp just a little now but I dont thinkl it will drop back anyway.

http://www.growthcompany.co.uk/recommendations/260487/spate-of-drillings-makes-nautical-a-buy.thtml

Spate of drillings makes Nautical a buy - BUY

Companies: NPE 05/10/2007


Heavy oil specialist Nautical Petroleum has done little wrong since it came to market two and a half years ago, having lifted its discovered oil base nearly all in the North Sea to around 120 million barrels. But, by parking a large chunk of its equity with a hedge fund, it has saddled its shares with a recurrent seller whenever they have reached the low to mid-teens.

Now, however, the shares should have a clear run as Nautical, fronted by chief executive Steve Jenkins and chairman Ian Williams, engages in the most active drilling programme of its short life. Three wells are to be drilled in the space of around three months. Two will test the Kraken prospect in the North Sea and the Grenade prospect in south-west France. But the third is the biggie. This, it is hoped, will prove up the North Sea Mermaid prospect, which is thought to contain 129 million barrels of oil.

Nautical has just farmed out a ten per cent stake in Mermaid to Silverstone Energy, which, in return, will bear 20 per cent of the drilling costs. Nautical retains 50 per cent in the field and remains the operator.

Taken together with other exploration and development work now planned, Nautical hopes to prove up attributable reserves of more than 100 million barrels and confirm the prospectivity of a further 100 million.

In a recent note on the company, Hardman & Co put a net present value of 26p a share on the companys core and exploration portfolios. If the Mermaid well proved up a discovery, it said, that figure would rise to over 30p. Meanwhile, the shares have picked up a touch over recent weeks, but to just 10.25p.

One other recent development has been positive for Nautical. Chevron has found a buyer for its dominant stake in the North Sea Mariner field, where Nautical has a 26.7 per cent interest. Nautical is in no position to accelerate the development of Mariner, but the new buyer, the merging Norwegian entities Norsk Hydro and Statoil, are expected to get moving on Mariner early in the new year. Under various scenarios, Nautical could up its stake in Mariner, so the latest development is bullish in the extreme.

Nauticals shares have a neglected look to them. The market capitalisation of 110.5 million looks anything but realistic. I reckon there is at least 50 per cent upside on a six-month view, more over the long term.

Thanks Papal for the growthcompany update. Makes good reading and ticking higher again this morning. Exciting times ahead.

Yep, looks that way :)

A few steady buys coming through at the close to maintain the upward bias here.

The good thing of late is that most of the sells have been O trades, and from PI's. The buys have been AT and from insti's and the like. A good consolidation after a good rise, getting out lots of weaker smaller holders, and bringing in bigger safer hands.....which bodes well for the next leg upwards.

Rated a buy in Shares Mag :

From : http://www.sharesdigital.com/


Nautical finds its sea legs NPE

Published date:Thursday, October 11, 2007

Nautical Petroleum (NPE:AIM) Finals PTP: -0.86m (-7.1m) Divi: n/a (n/a)

A busy period ......................................... full article not posted ........................................................................................................trading at just over 12p.

Shares says: Drilling in the near-term has the potential to add significant value to the stock.

Good news, placing oversubscribed and they are now what you could class as very fully funded.


Nautical Petroleum PLC
17 October 2007

Not for release, publication or distribution in or into the United States,
Australia, Canada, the Republic of Ireland, the Republic of South Africa or
Japan. This announcement is not an offer for sale of securities in the United
States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of
1933, as amended. The issuer of the shares has not registered, and does not
intend to register, any portion of the offering in the United States and does
not intend to conduct a public offering of its securities in the United States.

Certain definitions apply throughout this announcement and your attention is
drawn to Appendix 2 to this announcement where such definitions are set out in
full.


NAUTICAL PETROLEUM PLC
('Nautical' or the 'Company')

PLACING OF ORDINARY SHARES

Nautical Petroleum plc (AIM: NPE), the independent E&P company focused on the
development of heavy oil assets in the UK and Europe, today announces that it
has raised approximately 20 million before expenses through a placing of shares
by KBC Peel Hunt Ltd (the 'Placing').

190,476,191 new ordinary shares of 1p each ('Ordinary Shares') ('Placing
Shares') have been conditionally placed with institutional investors at a price
of 10.5p per Placing Share.

Nautical continues to build a broad base of heavy oil assets focused on the East
Shetland Platform of the UKCS, augmented and complemented by carefully selected
discoveries/blocks in the UKCS and Europe. Nautical remains the only UK listed
company offering pure exposure to heavy oil development and near term, low risk
exploration for considerable resources.

By the end of 2007, Nautical intends to have drilled its first two operated
wells and participated in a third well. The Kraken appraisal well is expected to
be drilled in October 2007 on the crest of the structure, with the intention of
confirming the Company's model of thicker reservoir development, hydrocarbon
column and best estimate contingent resources of 23.9 million barrels net to
Nautical. Kraken will be followed by an exploration well on the Mermaid prospect
(directly south of the Mariner field). The well is planned to intersect
hydrocarbons in the Maureen and Heimdal horizons confirming net best estimate
resources of 64.5 million barrels. Concurrently an appraisal well is to be
drilled on the Grenade discovery which, if the reservoir is as prognosed, is
expected to yield first production in Spring 2008.

Nautical also plans to drill the Catcher Prospect in early 2008. It is intended
that this will be followed by an exploration well on the Selkie Prospect.
Assuming that the seismic data currently being acquired over block 3/27a firms
up a target over the Hydra prospect, this will lead to a third well in 2008. Up
to two further appraisal wells are expected to be drilled in 2008.

The above program together with other activities is estimated to lead to a net
capital spend of approximately 9 million for the six months to 31 December 2007
and approximately 11 million for the twelve months to 31 December 2008.

The existing cash resources of the business together with the net funds raised
through the Placing (estimated to be approximately 19 million) will be used to
cover the estimated net capital expenditure set out above, and the other
activities and expenses of the business. On the basis of current estimates, it
is envisaged that 3 million would be used as a contingency against drilling
cost overruns in 2007; 7.5m - 10m would be used to fund drilling in 2008, with
the balance used to fund the Mariner field development programme, assess further
license acquisition farm in opportunities and for working capital.

Under the terms of the Placing Agreement, KBC Peel Hunt, as agent for Nautical,
has agreed conditionally to use its reasonable endeavours to procure subscribers
for the Placing Shares at 10.5p per share. The complete terms and conditions of
the Placing are set out at Appendix 1 to this announcement. The Placing
Agreement is conditional, inter alia, upon Admission occurring. The Placing is
not being underwritten.

Application will be made to London Stock Exchange plc for the Placing Shares to
be admitted to trading on AIM, with Admission expected on 22 October 2007.

The Placing Shares will, when issued, rank pari passu in all respects with the
Existing Ordinary Shares including the right to receive dividends and other
distributions declared following Admission.

Commenting on the Placing, Steve Jenkins, Chief Executive of Nautical said:

I am pleased that Nautical has both secured funding, for our extensive appraisal
and exploration programme and significantly strengthened our institutional
shareholder base, through the Placing, which was oversubscribed. The Directors
believe Nautical has assembled an exciting portfolio of assets, and we look
forward to drilling up to 8 wells before the end of 2008 and progressing Mariner
towards production.

Looks pretty good to me PP.

Nice to have an oversubscribed placing at any time more so now just before the drilling starts.

Interesting times.

Think I will have to revert to my alter ego and update the header, steelwatch does it so much better than me.

Despite the fall we're seeing this looks like good news. Secured funding, stronger investor base and development of the drilling programme which is what we've been waiting for. And over-subscribed. Won't be too long before we're heading back higher.

http://www.thisismoney.co.uk/investing-and-markets/tips-and-tactics/article.html?in_article_id=425439&in_page_id=23

18 October 2007, 12:03pm

Shares magazine is tipping Nautical Petroleum. It was considered something of a high-risk strategy four years ago to concentrate on finding sizeable deposits of heavy oil in the North Sea. Heavy oil was and still is to some extent, the Cinderella of the business. But there is a better than evens chance of its share price trebling to 25p if three wells to be drilled this year come up trumps. And with UK oil production starting to fall quickly the new fields will be increasingly precious. The company is also hoping that the Government will offer better tax breaks for heavy oil development. - Buy

Papal, is that a typo, trebling to 25p or an old article?

No idea.........presume the article was written a few weeks back, and published only recently...........or its a typo.

October Hardman report is out but whilst I see it on Bloomberg I don't see it yet on their website. Placing apparently oversubscribed by 20%. I'm guessing it'll be on Hardman's site shortly.

Junior Oil and Gas - Golden Barrels report (Edison yesterday) - Nautical one of about 8 favourable companies. (Papal, also Aminex - I may have to get back in here having held before)

The Kraken Wakes

Nautical Petroleum plc

('Nautical' or 'the Company')

Appraisal of the Kraken Discovery, Block 9/2b Licence P1077 in the UK North Sea

Nautical Petroleum (AIM:NPE), the independent E&P company focused on the
development of heavy oil assets in the UK and Europe is pleased to announce that
the Kraken appraisal well 9/2b-2 spudded on 24th October 2007.

The Kraken well is an appraisal of a discovery made in 1985 by the 9/2-1 well.
This is Nautical's first operated well and initial results are expected towards
the end of November.

Thanks for that Greyhound.


And now the fun begins :)

Nautical Petroleum PLC
24 October 2007

Nautical Petroleum plc
('Nautical' or 'the Company')

Appraisal of the Kraken Discovery, Block 9/2b Licence P1077 in the UK North Sea

Nautical Petroleum (AIM:NPE), the independent E&P company focused on the development of heavy oil assets in the UK and Europe is pleased to announce that the Kraken appraisal well 9/2b-2 spudded on 24th October 2007.

The Kraken well is an appraisal of a discovery made in 1985 by the 9/2-1 well.
This is Nautical's first operated well and initial results are expected towards the end of November.

Snap!

Preferred mine though!

The Kraken Wakes

Thanks for that guys, I missed that.

Starting to pick up again here for 13p break before too long.

I bought in last week and will top again soon. it looks good from here on ! :)

just looking at the chart above and very simply, after consolidating 12p in last couple of weeks, im wondering if todays tick up is the start of the next leg upwards... 15p perhaps? just guessing.

News just out, Farmout and acquisitions. Agreement with Canamens concerning block 9/2b and acquisition agreement with Int'l Energy.

ok..what does that mean, for the uninitiated like me ?

Nautical Petroleum plc
("Nautical" or "the Company")
Farmout and Acquisition Agreements


Nautical Petroleum plc (LSE:NPE), the developer of heavy oil assets on the UK Continental Shelf and mainland Europe, is pleased to announce that it has entered into an agreement with Canamens (UK) Limited ("Canamens") concerning Nautical's interests in North Sea Block 9/2b and an acquisition agreement with International Energy Group AG ("IEG AG") .

Under the terms of the Canamens agreement on North Sea Block 9/2b, Canamens will acquire a 25% interest and will fund its equity share of the current appraisal well being drilled on the Kraken discovery with a premium to Nautical. For all future activity on Block 9/2b, Canamens will bear its 25% equity share.

Under the terms of the acquisition agreement with IEG AG, Nautical Holdings Limited, a wholly owned subsidiary of Nautical, will acquire 100% of the share capital of UAH Limited for cash consideration of one pound sterling. UAH Limited, through its shareholding in Nautical Petroleum AG, owns a 25% beneficial interest in North Sea Blocks 9/2b and 3/27a.

The net effect of these two transactions is that Nautical has retained its 45% interest in Block 9/2b, and has increased its interest in Block 3/27a from 45% to 70%.

The planned seismic survey on Block 3/27a has recently been completed and the data processing should be completed early in 2008.

Commenting on the transactions, Steve Jenkins Chief Executive of Nautical said:

"We welcome Canamens' participation in the Kraken appraisal programme and are pleased to have secured the interests previously held by IEG AG through the UAH acquisition. In combination, these transactions add value for Nautical's shareholders and are a good fit with our corporate strategy."

Greg Coleman, CEO of Canamens said

"Canamens is new to the North Sea and is very pleased to be entering into this agreement with Nautical for Block 9/2b. Although a mature province, we believe there is still good business to be done in the North Sea."

The Canamens agreement remains conditional on consent of partners and of the DBERR .

The UAH acquisition is a "related party transaction" as defined by the AIM Rules. Nautical's Independent Directors, Philip Dimmock and Patrick Kennedy, having consulted with KBC Peel Hunt, its Nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

News today of a shrewd move by NPE with Kraken costs.

This was Hardman's take on the news :

http://www.capmarkets.com/ViewFile.asp?ID1=80011&ID2=182717437&ssid=1&directory=12925&bm=0&filename=Nautical_October_31.pdf


.

Thanks PP....might top up on the back of this.

Yes thanks PP - just had a look at that, and wouldn't have known where to find such info.

Good post PP.

That note is what every little punter needed to explain what they have done.

Looking ready for a tick higher and perhaps a news update before too long.

Good read pg 28 FT today about Xcite/heavy oil.

Nautical Petroleum PLC
16 November 2007



Immediate Release. 16 November 2007


Nautical Petroleum plc

('Nautical' or 'the Company')

Nautical Announces Successful Kraken Appraisal Well in North Sea Block 9/2b


Nautical Petroleum (AIM:NPE), the developer of heavy oil interests in the UK and
Europe, is pleased to announce the results of the 9/2b- 2 Kraken appraisal well
drilled by Nautical and its partners.

The well 9/2b- 2 was drilled to a depth of 4378 ft subsea, 2.7 kilometres north
of the 9/2- 1 Kraken discovery well and encountered oil-bearing Palaeocene
Heimdal sands at a higher elevation than in the discovery well. A full
evaluation of the hydrocarbon bearing intervals in 9/2b-2 has been carried out
and reservoir fluid samples obtained for analysis in the near future. Pressure
measurements indicate that the 9/2b- 2 reservoir sands are likely to be in
communication with the Heimdal oil reservoir in 9/2- 1.

9/2b- 2 encountered oil down to (ODT) 168 feet deeper (4008 ft subsea) than in
the 9/2- 1 well, giving a hydrocarbon column of at least 252 feet. This confirms
a substantial accumulation, since the ODT in 9/2b- 2 is 71ft lower than the
predicted maximum oil - water contact in the pre - drill reserves estimations.

Initial analysis of the samples and the downhole pressure gradients indicate
that the 9/2b- 2 oil is lighter (18.4degreesAPI) than estimated from a poor
quality sample in the 9/2- 1 discovery well, and substantially lighter than the
nearby discoveries such as Bressay.

Reservoir quality is excellent with high porosity and permeability over 79 feet
of net pay. Oil shows were also encountered in Cretaceous Conglomerates towards
the base of the well. The data from the well will be integrated with the
reprocessed 3D seismic and the newly acquired high resolution, high density 2D
seismic (in the north west of the block) to determine the revised hydrocarbons
in place, and to locate the next appraisal well.

The interests held in Block 9/2b are Nautical Petroleum plc 45%, Celtic Oil
Limited (wholly owned by SK Energy) 30% and Canamens Energy North Sea Limited
25%. This is Nautical's first operated well.

On completion of the well, the rig will move to spud an exploration well on the
Mermaid Prospect in Block 9/11c.


Commenting on the well result, Steve Jenkins, Chief Executive of Nautical said:

'I am extremely pleased with our first operated well as this is a very positive
result for such an aggressive appraisal well. The results confirm Kraken to be a
substantial oil accumulation and in place resources are likely to be ahead of
expectations. Encouragingly, the excellent quality Heimdal reservoirs appear to
be in communication between the two wells, confirming sand distribution over a
large area.'

To summarise; We're off!

Yep

Thanks for your Summary S...r! Great news

Nice serious buying going on :)

Typically not at my desk today, what has been the highest percentage gain on the day? Looks like we're off and running now.

Hi Greyhound: I think the highest price was 15.25-15.50 but I could be wrong (have had some breakfast in the meantime). Looks like we're up against the 16p resistance that's been there since mid-2005 (does that make sense? - I'm not as experienced as you guys).

Sounds good, thanks Toya. Will have a thorough read of update later.

KBC comment this morning on the news :

Nautical Petroleum (NPE) Successful Kraken appraisal well EST: Up , REC: CORPORATE

The appraisal well on Kraken announced by Nautical Petroleum this morning suggests that the potential reserves in the field are towards the higher end of the range. The well found a gross oil column of over 250 feet with oil in high quality Paleocene reservoir. Equally importantly the oil found in this well is lighter than anticipated at 18 degree API. This is a very satisfactory result for Nautical. Based on the results to date, we are increasing our estimate of recoverable reserves in Karken to 100 mmbbl (from 53) and reducing the risk factor from 50% to 70% (probability of commercial success). The net impact is a 6.3p/share increase in Core NAV from 15p/share to 21.6p/share, but there remains further upside in this field.

Nautical will shortly be mobilising the rig to start drilling the Mermaid exploration well. Mermaid is a potential 112 mmbbl prospect in which NPE has a 50% interest and will have the initial well costs fully carried by its partners. We are scarrying a risked exploration value of 3.4p/share on this prospect over and above the Core NAV. Given its proximity to Mariner, a discovery at Mermaid could enhance the economics of that field via joint development of a larger resource.

Thanks PP. That's almost double the original estimate then, for Karken.

Cool! it's all coming on nicely.....onwards and upwards! might top up on any sp weakness in the coming weeks while waiting for more news.

Yep, CORE NAV now of 21.6p a share :)

Roll on Mermaid.

well, few days ago i was thinking to buy few of this, but i didn't have any spare cash, i hope Indago Petroleum will show the same moves soon..

New Hardman & Co Note

I am very happy with that!

Thanks seawall, good to see that update today as well. Reads very well and hopefully we'll be seeing a few articles over the weekend and further northward moves next week.

Meant to say the note came via steelwatch on ADVFN, always try to remember who did the initial detective work.

http://business.timesonline.co.uk/tol/business/markets/article2886678.ece

Nautical Petroleum, the heavy oil explorer, rose 1p to 13p after it struck oil at its Kraken field. KBC Peel Hunt doubled its estimate of recoverable reserves at the North Sea field to 100 million barrels and raised its target price to 21.6p. On its first trading day on AIM, Excite Energy rose 2p to 83p. It has rights to the Bentley field next to Kraken.

Morning all, some press comment over the weekend, all bodes well.

Crikey.... SP not doing so well today what with the Market turbulent etc., think I'll buy some more at these levels !

Nice to be holding this today with a lot of red elsewhere.

Bit of a squeeze coming at the close by the looks...

http://www.michaelwalters.com/stories/news.phtml?num=3072


Heavy Oil - Nautical Petroleum (NPE)

6/11/2007 (119264)

Heavy Oil

Demand, demand, demand. That, maintained one of the TV talking heads, was what is driving the oil price higher. It touched $97 a barrel in the US today (Tuesday), well on schedule for the $100 everyone has been talking about for the last month or two.

. What else is pushing the price up? The weaker dollar (at a new low against the euro), and OPECs reluctance to expand production. Oh, and those greedy speculators, gamblers who have inflated the price by maybe as much as $40 a barrel.

Is that all making sense? Sure, up to a point. Choose your own answer, or pick and mix as you wish. For my money, the first answer is the one which really counts demand.

It is easy to imagine that, once pushed through $100, the price will pause and come off in a bout of profit-taking. Of course there is speculative cash pushing it up, and there will be a point at which it is best to bank the profits.

OPEC? Well, who can doubt that OPEC is happy to see more cash pouring in, and higher dollar rates are a welcome offset against the weakness of the dollar? So far, there are few signs that higher prices are damaging demand greatly, certainly not enough to make substitution by other forms of energy too much of a threat. And if they start to look awkward, then OPEC might be able to pump more and trim prices just enough to make the alternatives (whose costs have also risen fast) less attractive.

The oil price is volatile, and will continue to be so. Short of a world economic collapse, demand will carry on rising, probably at a faster rate than new discoveries and extraction techniques can match. A fall of $20 a barrel? Possible, for sure. A $40 cut? Just maybe, but doubtful. Even at that level, we are talking $55 a barrel and that makes a lot of money for some fields, and makes relatively big money for a lot of smaller exploration companies tip-toeing towards production.

Big oil is facing heavier costs for the raw material in production-sharing agreements and taxes, and is faced by rising general costs. Oil prices might be high, but margins are under pressure. Big companies are no longer the sure thing that rising oil prices might suggest.

The winners, though, still look to be the smaller companies which are finding new oil and are approaching production. Their shares must be viewed as speculative, given the volatility of the oil price. But the upside is still considerable, especially when relative tiddlers can be transformed by good fortune with the drill bit.

Northern Petroleum (NOP) has done brilliantly for us, despite extreme volatility in the share price over the past couple of years. But there is a six or seven-fold gain from the early recommendations, and good gains for any who bought along the way, or in recent bouts of depression. Plus markets tiddler ATI Oil (ATIP) has also done well.

Both continue to look way undervalued, with assets still packed full of potential, situated in areas with low political risks, close to ready markets. If you have them, hold tight. If you are prepared to risk the impact of volatile oil prices (both companies look good even at $60 a barrel) and share prices, there is still time to buy. In these uneasy markets, though, do be aware that any share must carry a fair degree of risk, so do not commit too much.

It remains a puzzle why the market does not value these two more generously. Part of it, perhaps, might be due to the limited drilling programme on the horizon. Longer term that does not matter, given a firm to rising oil price. But it might discourage some players.

With that in mind - and sharing all of the risks and cautions above I have been looking for another punt to play. Nautical Petroleum (NPE) fits the bill. The price is 11.75p to 12p, with a market capitalisation of 152m at 12p. The 12 month low was 6.5p, and the high 13.25p. It recently reported pre-tax losses of 860,000 for the year to end June, down from losses of 7.1m for the previous 18 months. These are largely irrelevant for such a company, which specialises in seeking heavy oil, mainly in the North Sea.

What matters most is the cash, and Nautical has played that well. At the year-end, there was 8.9m in the bank, and commentators were suggesting that was enough to meet commitments. But the company took advantage of the favourable climate for oil stocks and weighed in during October with a placing of 190m shares at 10.5p to raise 19m net of expenses.

That was followed by a smart deal which effectively raised the stake in one exploration block and brought in private company Canamens to cover a chunk of the drilling cost on the Kraken discovery, saving a net 700,000 in costs according to paid-for research group Hardman.

This appears typical of the way Nautical has been keeping costs to a minimum, bringing in partners to share the load. It comes after a statement explaining a drilling programme which should mean a net capital spend of about 9m for the six months to December 31, and about 11m for the 12 months to December 31, 2008. Current estimates suggest a 3m contingency against drilling cost overruns in 2007, with between 7.5m and 10m to fund drilling in 2008, and the balance going to fund the Mariner field development programme, assess further licence acquisition farm-in opportunities, and for working capital.

This cost schedule is re-assuring for such a company, and clearly went down well. The placing by KBC Peel Hunt was over-subscribed, and the company says it strengthened the institutional shareholder base.
Neither of the two biggest shareholders subscribed for the issue, and was diluted. So International Energy Group SA now has 475.7m shares, or 37.5%, and clients of Goldman Sachs have 105.5m shares, or 7.93%.

These make intriguing connections, and suggest that Nautical has influential friends. International is Swiss-based and linked to heavy hitters in the international oil trading business. Formerly Masefield Energy, this has an interesting background which leads to Marc Rich, a controversial commodities trader pardoned by President Clinton in 2001. There is a fun report on www.businessweek.com/magazine/content/05_29/b3943080.htm - 81k -

Nauticals directors have fairly conventional oil industry backgrounds. It looks as if the company knows its way around in a fashion which could help such a small, speculative business. International Energy appears to bring useful skills to the table, particularly in processing heavy oils, and looks to have helped the company in the Kraken deal mentioned above.

The shares are at an interesting juncture. Nautical has put together a decent portfolio of prospects, with around six discoveries and a similar number of exploration prospects. Now the drilling action is getting under way.

A Kraken appraisal well spudded (started) on October 24, with results expected towards the end of this month. Kraken is shallow, was discovered in 1985 and tested oil with the best contingent reserves totalling 53m barrels. Nautical has a 45% interest and has farmed out a stake to Korean SK Corporation which is paying 60% of the costs.

The hope is to confirm the companys model, establishing a thicker reservoir development with a side track to locate an oil/water contact. With luck, that could at least double the potential reserves. So it is probable that the drill will find oil it is just a matter of how much and how far this can take the company towards actual development planning, perhaps in the New Year.

Nautical has three exploration blocks nearby, and the SK deal includes a commitment to a well in 2008 in one of them with unrisked potential of 25m barrels.

Kraken will be followed by an exploration well on the relatively shallow Mermaid prospect, which is not far to the north (most of these North Sea blocks are fairly close together). There are guesses of up to 129m barrels. There are also two blocks to the west of Kraken.

Mariner is also close by Kraken, and is the most heavily appraised undeveloped field in the North Sea, with seven appraisal wells and over 650,000 barrels produced in flow tests. Nautical owns just under 27%, with gross 2p reserves put at 82m barrels. Chevron was the operator, but that position has been taken over by StatoilHydro (Norsk-Hydro). Statoil has a better understanding of heavy oil, and is likely to push ahead more quickly than the original 2010 estimate.

Nautical is also planning to drill the Catcher prospect (15% interest) early in 2008, way to the south, followed by an exploration well on Selkie (60% Nautical), one of three structures close together which include Skipper (Nautical 98.5%) where there was a promising discovery in 1990.

In addition to the North Sea, Nautical also has 22% of the Grenade prospect in the Aquitaine basin in France. This is a large heavy oil discovery originally made in 1975 with perhaps several hundred millions of barrels, but a modest estimate of recoverable reserve so far. There is likely to be an appraisal well before the end of 2007, perhaps later this month, with the chance of testing to confirm production in the spring of 2008. With luck, that could lead to relatively early revenue, maybe in 2008.

Nautical also has other North Sea interests where there will be seismic shot, and there is a significant interest in the East Irish Sea following the 24th licensing round in February 2007. One of these blocks contains the Merrow prospect where seismic is being reprocessed. That could have sizeable prospective resources of oil or gas.

There is a bewildering list of opportunities opening up for Nautical, and the company is starting to advance them. Chief executive Steve Jenkins has suggested the company is in an excellent position to confirm potential oil reserves of over 100m barrels, in addition to confirming prospectivity of a further 100m barrels of oil.

It is important to realise, however, that we are talking heavy oil. This is the thicker stuff, harder to transport and refine, with a net yield below that of lighter oil. It has not hitherto been popular, but there is perhaps twice as much of it around the world as there is of lighter oil.

It has a low recovery rate, and is more difficult and costly to extract and transport, though it is often in shallower depths than light oil. It sells at 10% to 20% below the price of light oil. As a result, it has not been exploited much in the North Sea, where there is thought to be substantial quantities.

The soaring oil price is changing attitudes.Nautical has specialised equipment which allows it to test heavy oils, and through associate company Quadrise has access to a new technology which converts heavy oils into a fuel for power generation, adding a premium to the price. The link to International Energy Group also gives access to marketing skills.

Obviously there are risks. A disappointing result from Kraken could hit the price. But if there should be a setback no reason to suppose it, but), attention will turn quickly to progress on Mermaid and Grenade. And so on.

The shares could be volatile, so do recognise the speculative nature of this one. That said, the company is well financed, has respected management, and appears to know what it is doing. It has a good City following for such a modest operation.

Given that major production is two or three years away, it is necessary to apply all manner of discounts for uncertainties. Most estimates suggest the current asset value is comfortably in excess of the share price. Good drilling results could mean it is twice the current price and more. Continuing success, eliminating risk discounts as events unfold, could mean an asset value several times greater.

This is one I have been watching on and off for some time, and should perhaps have recommended earlier. That would have looked smarter. I am coming to it now because it is hard to find convincing speculations in this market, the oil sector looks much the most appealing, despite the risks to the oil price, and we are getting to the action point which could transform the rating. .

Though oil could be volatile, over a two or three year period it ought to move higher, and is unlikely to stay long at depressed levels, simply because demand is outpacing supply. That creates a great opportunity for smaller explorers who are moving towards production. Nautical fits that bill, with risks to any one of the current projects, but action close at hand on a sufficient number of projects to reduce the risk. We know there is oil on several of those projects, the heavy oil which is now coming to be properly valued.

Fingers crossed.

Ends

Hi PP, thanks for that.

Yes - many thanks PP!

Something more :

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1195610260&feed=oilbarrel_en

21.11.2007

Heavy Oil Specialist Nautical Petroleum Has A Notable Success With The Drilling Of The Kraken Prospect in The UK North Sea

London Aim-listed Nautical Petroleum specialises in heavy oil, mostly in the UK North Sea but also in France. Heavy oil has not been popular in the past. It can be difficult and expensive to extract, have low recovery rates and sell at a discount to more conventional light crudes.

Now, with fears that light oil may be going into short supply and with oil prices at record levels, companies have been looking anew at heavy oil. Moreover, Nautical, through its association with fellow Aim member Quadrise Fuels International, says it has access to proprietary technology, which not only makes it easier to extract heavy oil but also can add value by processing so that heavy oil when broken down into various components can sell as fuel oil for power plants at a premium to Brent Crude rather than a discount.

Nautical has accordingly for the past two years been assembling a portfolio of known discoveries and development prospects. It now numbers seven discoveries and development prospects in the UKCS and France amongst its assets as well as some low cost exploration opportunities.

One key asset is the stake in the Mariner field. This is said to hold the record of being the most heavily appraised undeveloped field in the North Sea. There have been a total of seven appraisal wells, and, in flow tests over 650,000 barrels have been produced. Gross 2P reserves have been put at 82 million barrels and these are bookable as proven and probable reserves. Nautical has just under 27 per cent of this field.

For various reasons it is taking time to develop Mariner. It has also become clear that the market has wanted Nautical to prove up some of its other prospects. When it announced last September a four field programme of drilling we said now the fun begins. In the event drilling has turned out to be more fun than expected.

The Kraken appraisal well 9/2b- 2 has been drilled by Nautical and its partners at a location 2.7 km north of the original 9/2-1 discovery well drilled in 1985 which tested the Heimdal sandstone. The 9/2b-2 was drilled to a depth of 4378 ft subsea and encountered oil-bearing Palaeocene Heimdal sands at a higher elevation than in the discovery well. There was a gross oil column of at least 252 feet, which confirmed a substantial accumulation. There was 79 feet of net pay within the high quality Palaoecene with good porosity and permeability.

Commenting on the well, broker KCB Peel Hunt said: The successful appraisal well on Kraken announced by Nautical suggests that potential reserves in the field may be significantly higher than the gross 53 million barrels of contingent resources estimate disclosed by the company. Equally importantly the oil found in this well is lighter than anticipated at 18 degree API. Based on the results to date, we are increasing our estimate of recoverable reserves on Kraken to 100 million barrels (from 53) and reducing the risk factor from 50 to 70 per cent (probability of success).

The broker says there is further appraisal work and most likely a production test still to be carried out. This could demonstrate further upside on the field. Steve Jenkins the CEO of Nautical said: I am extremely pleased with our first operated well. This is a very positive result for such an aggressive appraisal well.

And of course, there is more drilling to come. Nautical will shortly be mobilising the rig to start drilling the Mermaid exploration well on Block 9/11c. It has a 50 per cent interest in this prospect and will have the initial well costs fully carried by its partners. Mermaid is a potential 112 million barrel prospect in the Maureen reservoir, lying immediately to the south of the Mariner field and in an analogous geological setting.
In France, Nautical is preparing for an appraisal well in the Grenade prospect. This should lead to testing during the spring of 2008 to confirm production. Nautical has a net interest in 2.8 million barrels of best estimate contingent reserves on the Grenade prospect in the Aquitaine Basin.

Nautical will also commence a site survey of the Selkie prospect in the UKCS which contains net best estimate prospective resources of 13.2 million barrels of oil, ahead of a planned well in 2008.

While it might still be a touch premature to say as Steve Jenkins is wont to do that the day of heavy oil has truly arrived, it can be claimed that proving up the prospectivity of a further 100 million barrels of oil reserves through the current drilling programme is looking on the conservative side.

Looking like a break of 13p is coming, for good.

I certainly hope it does.........

Edison note on "Junior Oils" - mentions AEX, NPE amongst others.

PDF file can be downloaded on the link below :

http://www.esnips.com/doc/128fc9a0-7004-48dd-bf19-57e9a14e1055/JuniorOil


.

Rec'd this from Peter Shearlock's small cap stock picks this morning...
Looks ecncouraging...and I've topped up a bit this morning as well!

Nautical success at Kraken

Nautical Petroleums first operated well on the North Sea Kraken field has come up trumps, encountering a long oil column that justifies a material upgrade to earlier reserve estimates. The oil is also lighter than expected, which should aid recovery. Hardman & Co now reckon Kraken alone is worth 13p a share and the whole portfolio, including exploration acreage, worth 31.6p a share. So, with the shares currently trading at 13p (up from Septembers 10p recommendation price), everything else is in for free. With Nautical now moving on to drill the Mermaid field, the shares are a strong hold.

RNS today:
Nautical Petroleum PLC
27 November 2007

Nautical Petroleum (AIM:NPE), the independent E&P company focused on the
development of heavy oil assets in the UK and Europe is pleased to announce that
the Mermaid exploration well 9/11c-13 spudded on 22 November 2007.

9/11c-13 is an exploration well on the Mermaid Prospect which is analogous to
and lies directly south of the Mariner discovery (Block 9/11a). This is
Nautical's second operated well and initial results are expected towards the end
of December.

The interests held in Block 9/11c are Nautical Petroleum plc 50%, Celtic Oil
Limited (wholly owned by SK Energy) 40% and Silverstone CNS Limited 10%.

Commenting on the spudding, Steve Jenkins Chief Executive of Nautical said:
'Mermaid is the second prospect Nautical is testing in our drilling programme,
where the technical work completed to date suggests that best estimate
prospective resources total 129 mmbo. If successful, this will represent a
further material addition to Nautical's resources and reserves.'

This lot look interesting

Glad you think so Big Al.

This is starting to be a frustrating share, it was sat at approx the 12.5p mark before the last RNS which was truly positive, including higher grade oil and lots more of it... and where is the sp now...???!!!

WHy are we not currently higher on this? Does anyeon think we are looking at New Year before we see anything worth writing home about?

Looking at the graph I think the price is nicely consolidating this level and when we do break 13p it will be more sustained. More patience required for the time being. Also I note in the Hardman November update they expect a flurry of news in the coming months.

Anyone looked at other comnpanies lately to see how the volatile markey is affecting them?

Very few are immune.

Evening all.

Warm night.

michaelwalters.com - Heavy Oil - Nautical Petroleum (NPE) [6/11/2007]

Link to ADVFN site I think

pb - the link works and a good idea. Why not put it in the header and I will do likewise

steelwatch (aka oilwatch)

Ha!

I knew it was you you monkey!!!

I really do think your blog over the road is the market leader.............

It's time to update this header in any event here, but I wonder if it's time you opened one here, or the alternative could be for you to post me your work and I claim the credit for it!!

LOL

oilie, are you in TRP?

Could be a biggie.......

pb - I have put a link to this thread on the other side (top right).

Not in TRP alas, but heavily engaged with PVR and NPE. The trouble is, there are so many prospects out there and not enough readies to go round them all :o(

pb - time is at a premium for me and I am happy for you to carry on the good work here as I spend most of my time there. Managed a 20% top up today :o)

Ookayu

"In this ever changing world in which we live in..........."

http://www.ft.com/cms/s/0/48c71c6a-9fb4-11dc-8031-0000779fd2ac.html?nclick_check=1

' ...The company's share price has risen by 55 per cent in the past year to about 12p but is well beneath analysts' target prices, which range from Evolution's 19p to Hardman's 26p. Those estimates exclude the upside potential of a success on Mermaid. Unrisked, the field could be worth up to 15p a share to Nautical. Even for those without an appetite for the swings and roundabouts of oil exploration, the quality of Nautical's assets make the shares look interesting at current prices.'

Posted by pete0 and Jack Brent, elsewhere.............. Hmmm................. ookayu?

Sounds Canuck to me.

Nice one pb. Couldn't refer to MAM by name because ADVFN automatically change name and even url to "ADVFN COMPETITOR", so had to resort to tinyurl. Interest in NPE is building nicely now.

http://www.ft.com/cms/s/0/48c71c6a-9fb4-11dc-8031-0000779fd2ac.html?nclick_check=1

New well makes shares interesting

By Toby Shelley

Published: December 1 2007 02:00 | Last updated: December 1 2007 02:00

Nautical Petroleum launched its second well operation last week with results expected before the end of the year. The heavy oil specialist's first operated well brought doubly good news in mid-November, substantially raising estimates of recoverable oil and finding it to be lighter than expected. Company broker Peel Hunt has almost doubled its forecast of recoverable reserves on Kraken appraisal well. The quality of the oil will reduce production costs and might benefit the sale price. The new well on Mermaid is attributed a 33 per cent chance of success by Peel Hunt. Nautical has a 50 per cent interest in the field, which is seen as having potential to produce well over 100m barrels. The company's share price has risen by 55 per cent in the past year to about 12p but is well beneath analysts' target prices, which range from Evolution's 19p to Hardman's 26p. Those estimates exclude the upside potential of a success on Mermaid. Unrisked, the field could be worth up to 15p a share to Nautical. Even for those without an appetite for the swings and roundabouts of oil exploration, the quality of Nautical's assets make the shares look interesting at current prices.

Hi oilie, I have not worked out how to do the scrolling texts, but I am slowly updating this header here.

pb - 2 years ago I knew diddly squat about HTML. You kind of pick it up as you go. One way is trial and error and you might like to start a thread with the epic "HTML" or "Test" or whatever to try things out. If you right click on a blank part of the screen, then click "view source", a text document opens showing all the code on that page. Hunt through for what you want and cut and paste into any text editor (I use NotePad). When you think you have it right, try it out on your test thread.

Have fun!
regards
sw

i find it very difficult to get excited about heavy oil producers - see BLR for a salutary lesson! - so while NPE looks to be better than many or even most, the longer time chart that i produce below shows the current level may be difficult to breach, with what looks like further congestion and resistance at 14 ..... that said,there looks to be good support around 12.5

Thanks cynic

You thoughts are always appreciated.

RNS says Mermaid well a disappointment.

It's a duffer! (SURPISE SURPRISE!)

Bit of a blow..we'll just have to tread water untill the next drilling results.. let's hope there better than todays !


Nautical Petroleum PLC
10 December 2007


Immediate release 10th December 2007

Nautical Petroleum plc

('Nautical' or 'the Company')

Mermaid well result

Nautical Petroleum (AIM:NPE), the developer of heavy oil interests in the UK and
Europe, announces the results of the 9/11c-13 Mermaid exploration well, the
second well in the campaign after the highly successful Kraken appraisal well.

Well 9/11c-13 was drilled to 5113ft ss and encountered excellent quality sands
at Tertiary Heimdal and Maureen level. All depths were very close to prognosis,
however, both the main Maureen target and the secondary Heimdal objectives were
water wet.

Nautical (Operator) will assess the data gathered from the well and integrate
with the 3-D seismic to ascertain the future potential of the block.

The interests held in 9/11c are Nautical Petroleum 50%, Celtic Oil Limited (
wholly owned by SK Energy) 40% and Silverstone Energy Ltd 10%.

Commenting on the well result, Steve Jenkins, Chief Executive of Nautical said:

'This is a disappointing result, especially following the Kraken (9/2b-2)
appraisal which proved a larger oil accumulation than our maximum case.

'We look forward to continuing our extensive drilling campaign with the spudding
of the Grenade -3 appraisal well in January and the Selkie (Block 8/25a) well in
the second quarter of 2008.'

Disappointing and clearly a lot of insider trading today by the looks! That said whilst we may see an initial further fall I would say the price is well supported at this level just for Kraken so I intend to stay put for further developments.

Oh well.

Inevitable recent purchasers getting out but all looks overdone to me. Hopefully we'll see the rest of the day with the price coming back. I would say this is cheap just for Kraken but perhaps the market initially will try tactics to mark it lower.

Buy at 7p? A bit to go yet then.

Won't get there.

This is why:-

Key points:-

Our new post-drill estimate for Kraken alone is for a minimum of GBP170m or 13 pence/share roughly equivalent to our previous core valuation for all of Nautical discovered assets. Upside is still expected when a full evluation of Kraken is complete.

Our new discounted core value for the discovery portfolio is now just north of 22 pence/share. Adding in exploration upside brings our new total risked EMV to 1.6p/share prior to drilling at Mermaid.

Should the forthcoming Mermaid exploration well prove up the discovery (and assuming this at least halves risk), we estimate it should add an additional 3.7 pence per share to Nauticals core assets; bringing our core valuation up to
around 26p with an overall valuation up to 35.3 pence per share.

Trading at around 13.25 pence per share, the bulk of the discovered portfolio and the whole of the exploration portfolio is effectively free at this market price.

Year To June Sales Earnings Before Tax Adjusted

http://www.capmarkets.com/ViewFile.asp?ID1=81667&ID2=187365033&ssid=1&directory=12925&bm=0&filename=Nautical_Nov07.pdf

KBC Peel Hunt coming out saying sp trading at 50% discount to NAV of 23p

Spud Dates - Grenade 3 - is early January 2008

sorely tempted to top up if still at these levels when more funds become available next week...

KBC Peel Hunt

Nautical Petroleum (NPE) Unsuccessful well on Mermaid EST: No Change, REC: Corporate#
Nautical has announced that it has completed the exploration well on Mermaid without finding potentially commercial hydrocarbons. Clearly it would be better to announce a discovery although in fundamentals it does not change anything for the company: the majority of the well costs were covered by partners, and the result has no implications on either of the companys key assets, the Mariner and Kraken fields.

This well was drilled immediately after the highly successful appraisal well on the Kraken field which indicated a far larger accumulation of oil of a higher quality than
presumed prior to drilling. At the current share price, Nautical is trading at close to a 50% discount to Core NAV of 23p/share. The company will continue to have a high level of activity into 2008 with planned exploration wells on the Selkie and Catcher prospects an appraisal well on Grenade onshore southwestern France as well as a further pre development work programme on the Mariner and Kraken fields, which may include tested wells on both.
Meanwhile, there should be a significant upgrade in the reserves and resources as new data on these fields is reflected in subsequent evaluations.
Tony.Alves@kbcpeelhunt.com / +44 (0)20 7418 8813

Director increasing stake, albeit a small investment.

Inevitably the sp is heading back where it was pre Mermaid.

Usual knee jerk market reaction.

Hardman & Co. December Note on Nautical

Thanks for the Hardman update

AGR Group Secures Transocean Prospect for 7 More Months
Tuesday, January 15, 2008

Oil services company AGR Group announces that its contract for the Transocean Prospect has been extended through to September 2008. With the semi-submersible AGR will manage at least 5 additional wells for clients Antrim, Bow Valley, Granby and Nautical in 2008. The combined project value of the extension to the rig contract is over 70 million.

AGR is now managing 8 rigs across the globe.

Head of well management Ian Burdis commented, This is a sign of AGRs strong presence in the rig campaign market, and the depth of its well management client base. Where there was excess capacity for a rig in the North Sea, AGR was in a position to put together a group of clients in a campaign and secure for them that rig, which in this case was the Transocean Prospect.

With eight rigs now being simultaneously managed globally, AGR has established its credentials as a major independent well management group with significant capability

At the conclusion of the new contract in September 2008, the Transocean Prospect will have been contracted to AGR Group for 16 months.

When the Transocean Prospect was offered to the market by AGR at a competitive day rate, it was heavily oversubscribed, reflecting the unmet demand amongst small to medium operators for a rig and well management package.

Hugh Mackay, Business Development Director commented, We will be seeking to add to our roster of rig campaigns throughout 2008 to satisfy our clients clear, ongoing requirement for our well management skills.

http://www.oilvoice.com/n/AGR_Group_Secures_Transocean_Prospect_for_7_More_Months/70c06fca.aspx

Hardman Monthly

Anyone else been buying here recently??? with proven reserves which indicated these as a bargain at 12/13p i feel the recent market fall out makes these a steal at present levels...

Also Grenade 3 will reach target in next few days. NPE 22%.

Well sp has dived here, I'm in until this comes right, should come good Big Ted.

Took profits here this morning @9p and glad so far as sp has taken a further tumble, 8p mid indicated as intraday low, bought a tad early last week and paid 8.2p when another half hour later it dropped to 7.75p to buy, that is the level i am looking for this time...

Why are they falling with Grenade 3 drilling results due in next few days?

If Grenade 3 comes in right, the sp should bolt above 10p, BigTed might have taken profits too soon, by the way you can only trade this one in and out inside a Sipp, (don't forget the 30 day rule).

Adding to the previous post or on the bet spreads !

ah that was just normal trade, (not CFD) on a T20

Moving up ahead of RNS.

This one is counterbalancing my bad ITM position, what a start to the week !

not quite the RNS we were expecting was it ?

Grim isn't it?

Nautical Petroleum PLC
13 February 2008


For Immediate Release 13 February 2008



Nautical Petroleum PLC


('Nautical' or 'the Company')


Result of Grenade-3 Exploration Well


Nautical Petroleum Plc (AIM:NPE), the heavy oil development company focused on
the UKCS and Europe today provides an update on the results of the Grenade-3
exploration well drilled in the St Laurent Permit of SW France. Nautical holds a
22% working interest in the license, while Egdon Resources plc ('Egdon') is the
Operator.


The Grenade-3 well spudded on 10 January 2008 and reached a total depth of 2310
metres on 10 February. The target 'Vraconian' limestone interval was penetrated
21m up-dip of the Grenade-1 discovery well. However, coring and logging have
indicated that the target interval had no effective porosity and as such was not
hydrocarbon bearing. The Grenade-3 well has therefore been suspended and the rig
demobilised whilst detailed analysis is undertaken of the core data and the
results incorporated into the field model. The option has been retained to
target other areas of the Grenade prospect via a sidetrack from the Grenade-3
well.


The Grenade-3 well was drilled as a 1.6 kilometre step-out to Grenade-1, drilled
by Elf in 1975 which found a 97m column of 10 degree API oil. The Grenade heavy
oil accumulation is mapped as a three-way up-dip pinch-out of the reservoir on a
low energy carbonate platform. Grenade-3 has defined the eastern limit of
reservoir development within the structure with potential still existing to the
west and south around the Grenade-1 well and also northwards towards the
Maurrin-1 well.


Commenting on the well Steve Jenkins, Chief Executive of Nautical Petroleum
said:


'The Grenade accumulation still has upside potential, which we will be reviewing
with the operator over the coming months. Nautical continues to prepare for its
next phase of drilling on the UKCS, which is anticipated to commence in late
April with the Selkie exploration well.'


Mark Abbott, Managing Director of Egdon also commented:


'The lack of reservoir development in the Grenade-3 well is disappointing and
has defined the eastern limit of the Grenade stratigraphic trap. We will now
incorporate the results of this well into our geological and commercial models
prior to determining any future work programme. Egdon remain committed to
exploration in France and will be focussing on understanding the implications of
this well and also progressing our evaluation of the multi-TCF potential
Audignon Anticline gas prospect also within the St Laurent Permit.'

Have to take into account these things happen with e&p's and hedge your bets accordingly.

The brave man stays to the end whereas the fool..........

no .... the fool stays to the end, the brave man bites the bullet

Nothing new but a summary from Pter Shearlock's stock picks released this morning....

Nautical out of luck

Nautical Petroleum has not had a lot of luck in its winter drilling campaign. The latest piece of bad news is that the Grenade-3 well in France proved a dry hole. Nautical has a 22 per cent interest in the prospect.

The shares have tailed back from the 10p at which I tipped them in September last year to 8.63p now but there is some merit in holding a while yet. Attention will now shift to the Selkie exploration well due to spud in the North Sea in April. Hold.

Yes cynic, I suppose it should be your way......... a fool and his money.

Despite the above advice to hold I have left the room while I am still in profit.

I'll watch for a while.

Nothing brave about that, in fact quite cowardly as this is my thread.

slight rise today, hopefully someone can tell me that we have an interest in a well being spudded somewhere, or not, whichever... whatever...

Results due 19th march, maybe rise because thats now within T10's??? Despite Egdon's Granade3 poor drill result, the results will still bear a reminder of the success they had with Kraken...

Have just noted a couple of rather large purchases, totaling 1.9 million shares, are we expecting drill results somewhere with an interest???

The stock has been unloved for the last few months but I still think fair value is considerably higher and shall keep a keen eye on the exciting year ahead.

As a holder, very happy to see 25 and 50 dma's broken today, 200 not far away, nice buying volume today...

Blimey ! this has woken up all of a sudden !

Rumours of a takeout on the other board - link above.

There is bound to be more consolidation in the Oil and Gas world...there are companies out there truly loaded !

Bought npe when they were tipped in SHARES magazine some time ago and happy to hang to them for now. Is anyone with the savvy that I don't have able to explain why npe does not pick up significantly? I understand the disappointment with the last couple of wells but all indicators point to this stock having a true value of around 18p plus?

Opman, you are right, but that could be said for most oilers at present. Punters are running scared and only +tive news and/or bid rumours will drive this up.

03/08
The company said that indications are that there could be considerably more oil in place at the Kraken accumulation than originally envisaged, while the higher API gravity and lower viscosity should increase recovery factors and achieve a higher price per barrel. "Our drilling programme has confirmed further resource potential at Kraken which underpins the value of our portfolio," said chief executive officer Steve Jenkins.

NAV of 13p on Kraken alone given by Hardman

anyone know what's about to happen ? this is tanking...not looking good.
so much for the positive outlook !
(good time to buy though!)

NPE appears rather undervalued after sale of 5% of their shares at 12.5p for almost 8m see RNS.

Spotted today in the Times by denjon at ADVFN

Nautical Petroleum, the North Sea oil explorer, rose 0.57p to 9.07p after hopes of a bid were triggered by International Energy Group, the Swiss energy trader formerly known as Masefield Energy, selling a 5 per cent stake to Shincheon, of South Korea, at a 47 per cent premium of 12p a share.

The Koreans were thought to be buying more shares on the open market. The company struck several development deals last year with SK, the Korean conglomerate.

http://business.timesonline.co.uk/tol/business/markets/article3747469.ece

currently working in offshore industry and big talk of this companyamongst colleagues. Longer term gains 2011-12 look massive

based on what davva?

Spud imminent on Selkie. Rig in position according to intelligence gleaned from Antrim, Shipbrokers' reports and Ship plotter following tugs there and back.

Cool! bring it on!

Some positive news today ........

Nautical Petroleum spuds Selkie exploration well 8/25a-1 west of Skipper

LONDON (Thomson Financial) - Nautical Petroleum Plc. said its Selkie
exploration well 8/25a-1, west of the Skipper discovery, was spudded on May 11.
This is Nautical's third operated well and initial results are expected in
early June, the independent exploration and production company said.
The company also said that the Selkie prospect is a four-way dip closed
prospect which, following the completion of extensive evaluation of seismic data
is believed to be larger than the Skipper discovery.
"The well will test the largest of a cluster of shallow prospects along a
proven oil migration path. This is Nautical's third operated well which will be
followed by at least one further operated well in the second half of 2008," said
Chief Executive Steve Jenkins.
Nautical Petroleum holds a 60 percent stake in Block 8/25a, while Celtic Oil
Ltd. which is wholly-owned by SK Energy holds the remaining 40 percent.

Shares slightly better on good volume, but it seem the order book is still having some trades at offer 9.25p, bid have move up to 9.06p

The bid is improving to 9.15p as the volume have been rising once again today

       

Good news today, a reason for the large volume recently.......

Farm Out Agreement
Nautical Petroleum plc (AIM:NPE), the developer of heavy oil interests on the UKCS and mainland Europe today is pleased to announce that it has entered into a farm out agreement with Canamens Energy North Sea Limited ('Canamens') whereby Canamens will acquire a 30% interest in the North Sea Block 8/25a.

Under the terms of the agreement, Canamens will fund their ongoing 30% interest of the current well plus a portion of Nautical's costs.
The farm out terms provide for a $20 million cap on the Selkie well expenses against a current estimate of $16 million.

Following the completion of the farm out Nautical will retain a 30% interest and Celtic Oil Limited (wholly owned by SK Energy) will retain a 40% interest. On completion of the well, and subject to partner and BERR approval, Canamens will take on operator responsibility for Block 8/25a.

As announced on the 12 May 2008, Nautical commenced its first exploration well on block 8/25a, which will assess the Selkie prospect.
Following this and previous transactions, Nautical now has an effective 100% financial carry on the current exploration programme on Block 8/25a.

Nautical is also in advanced discussions with Canamens regarding further farm-out agreements on Blocks 9/2b and 3/27a, and related announcements will be made in due course when appropriate.
Commenting on the farm out to Canamens, Steve Jenkins Chief Executive Officer of Nautical said:

'The farm out on block 8/25a is excellent news for Nautical shareholders, as this mitigates ongoing risk in the portfolio and maintains our cash balances.'
'The discussions with Canamens endorse the quality of our assets, confirm the continuing support for Nautical's strategy on the UKCS, and will align our interests in a number of key exploration blocks.'

Is now moving well ahead 10.50 / 10.75p +1p

11 - 11.25p +1.50p

continuing with the rise and BREAKOUT from the 10.25p intraday

We should be heading immediately to the 12.5p level (and beyond) recently paid by Shincheon.

we should be ! but, usual story, it'll probably pull back...in fact it has already! :(

There we are ....another false dawn! back to where we started from this morning! never fails to go back down after a rise.....still holding long term for but it's difficult!

lol! Absolutely. It will get there and stay there!

"Patience is a virtue"

Make of these what you will. 3 tugs arriving at TO Prospect imminent!!!

http://www.shipais.com/showship.php?mmsi=265835000

http://www.shipais.com/showship.php?mmsi=325246000

http://www.shipais.com/showship.php?mmsi=258148000

A Second Price Monitoring Extension has been activated in this security.


A Second Price Monitoring Extension is activated when the auction matching process would result in an auction price that is a pre-determined percentage above or below the base price.


The auction call period is extended for 5 minutes.For details of how base prices are set for each market, please refer to the Guide to Trading Service at www.londonstockexchange.com

Would someone be able to explain what this means in laymans terms? Obviously affected todays price positively, which can only be a good thing??

This from today's issue of CompanyGrowth's stock picks...

Nauticals run of bad luck continues

The bad news is that Nautical Petroleums latest North Sea well on block 8/25a has proved dry. The good news is that the company completed a farm-out on the block to a third party just a fortnight ago that means the well came in at no cost to Nautical. Now attention will shift to the Kelpie prospect to the east of the latest drilling. Nautical has had a run of bad luck this year. My advice, if you bought on my recommendation last September at 10p, is to sell at the current 9.5p and move on.

Think I'll stick with this a little longer just in case !

now wish I'd sold at the 9p level... this is now sub 8p to sell and not looking good...can't wait any longer for this ... time to sell this duffer!

Looks like a little activity picking up here...

Didn't sell in the end, although it went sub 8p... wonder why the activity has picked up abit ?

NEWS!

Kraken farmout and appraisal well brought forward.

Hardman & Co note out today - well worth a read:

http://www.esnips.com/doc/e3df2f81-6054-4112-bfbd-995342559dd6/HardmanandCo-18-08-08

(you will need to copy the above to the search bar on your browser)

ENJOY!

Hi steelie, many thanks back in at these silly prices.

Bought in again today, price is attracting healthy buys, and should be at this price!

For Immediate Release
9 September 2008

Nautical Petroleum plc

('Nautical' or 'the Company')

Mariner 3D and OBC seismic surveys completion

Nautical Petroleum (AIM:NPE), the independent exploration and development company focused on heavy oil assets in the UK and Europe, announces that a 3-D seismic survey and ocean bottom cable (OBC) survey have been acquired over the Mariner and East Mariner discoveries and the surrounding blocks.

These seismic surveys are designed to better define the distribution of the shallow Heimdal Sandstone. This reservoir has been penetrated by 16 wells and has flowed up to 1840 bopd on drill stem test. Statoil UK Limited, the new operator of Mariner and East Mariner has successfully utilised these methods to map and characterise the Heimdal Reservoir in the Grane Field, Norway (which currently produces ca 200,000 bopd of heavy oil). The acquisitions represents the first major operational activity over the Mariner area since the Extended Well test in 1997 (which produced 663,000 barrels of oil at an average of 10,000 bopd from the Maureen Sandstone reservoir) and represents a significant step forward towards the planned submission of the field development plan in mid 2010.

PGS acquired 115 sq kms of full coverage 3D seismic with the survey extending over blocks 9/11a (Mariner) and 9/11b + 9/12c (Mariner East), and partly into block 9/11c (Nautical Operated). The survey was completed on 29th June 2008.

An OBC survey was completed by Western Geco on 12th August 2008. A 12x6 km cable layout was deployed on the sea bed and 630 kms sail lines acquired.

The data is currently being processed and results are expected toward the end of the year.

Commenting Steve Jenkins Chief Executive Officer of Nautical said:
'Mariner continues to be a corner stone asset of Nautical and has participated closely in all the technical and operating committees of the joint venture. We are delighted that, under the leadership of the new operator, StatoilHydro, the seismic surveys have been acquired. We believe that this will make a significant step towards the formulation of the field development plan and the achievement of commercial production'

Header sorted, sorry I had not noticed the omission till now.

Anyone have a view on the potential impact of the proposed share consolidation?

pb - too early to be sure, but

16/09 Senergy R/M Byford Dolphin 20/09

http://www.fearnleyoffshoresupply.com/templates/SpotList/RecentFixtures.aspx?id=53

Thanks oilwatch

pb - I've been abroad. The rig move above wasn't for NPE, but we should be next on the list late this month. Meanwhile, the Kraken appraisal well spudded on 22/09 using Sedco 704 seems to be complete:

ODIN VIKING

http://www.vikingsupply.com/chartering_positions.asp

Maybe the location was too ambitious, but the objective was to locate the oil/water contact, so, hopefully, not another setback.

CONsolidation:-1:20 (25 Sept08- DYOR).
I see a sp spike and Ann about 25Sept08 . . . can someone confirm the sp prior to CONsolidation...looks like 5p - but I should have thought the prices should have remained the "same" since there are fewer shares afterwqards...etc.
-(ie the earlyier-graph needs conversion to account for the share density)-
-Anyone...?

Yes, they were around 5 pence.

The market has been less convinced about NPE's heavy oil the cheaper WTI has become imv.

A turnaround in oil would change that opinion.

There has been some chat elsewhere about the possibility of mothballing as NPE are well funded but in that I could not comment.

No news for some time have they hibernated for the winter?

The Mariner and Bressay fields are heavy heavy oil propects. Probably the heaviest grades in the north sea, Bressay being the heavier of the 2. The company i work for sold its interest to StatoilHydro. To give you an idea of how heavy the oil, either field would be discounted to Brent probably more than =>15 dollars. Also the added problem would be market the oil. The oil is that thick its going to cost a lot of money to get it out of the ground. Bressay is like tar. For those projects to work the price of oil would have to be at the very least 80 dollars imho. If prices did rise then i would expect the discount to brent to widen even further on sales. I dont know Nautical too well but isnt most of their portfolio based on heavy grades? If thats the case then there wont be much activity with regards to development.

apart from other negative issues with heavy oil, am i correct in thinking that it is also very high in sulphur and thus much more expensive to refine? ..... or is the one incidental the othe other?

Yes you are correct but the Fawley refinery at Southampton is one of the best in Europe at refining this Oil.

Just to counter the misleading posts above:

http://otcnet.org/2006/tech_prog/sched/documents/otc182341.pdf

All gone quiet here. 2010 apart from a possible drill at Keddington then? Thinking of getting some Aminex for their Jan gig with tlw if they can farm it.

Hello oily

I have been away on hols, come back and trying to get back into this again.

Very interested in a couple I see you on, SOLO and BPC, early doors and all that plus BPC has a fantastic portfolio.

Talking of heavy crude....discovered light crude....it's like looking for silver and coming up with gold....

Incredible rise.....doing better than EO....which is strange...anybody in this ?...

Why is this doing better than Encore oil...?...200% rise...shades of RKH here...

short covering?

Are you in this dd ?....managed to get EO., but this is doing even better...

250 % increase.....blinkin....----....

nope fraid not.

180p.....goodness....

going to drop like a stone for a bit.

Only came in at the middle of the excitement.

Wish some of my oilies would do this!!

I had the choice between the two and have gone for EO......needless to say I should have gone for this one first followed by a switchover to the other...

Buys at 180p.....??

The find is worth between 55M US$ and 75M US$ if you allow a 10 US$ per barrel valuation (given NPE and EO. only have 15%).

Which means NPE will be in the shorters targets tomorrow for sure IMO.

was there a consolidation in s.p. along the way

Can anyone tell me if Edison have put out an upgraded note? I'm looking at taking a position in EO./NPE and possibly XEL and at current putting together some research. Last Edison note said something like 326p value on NPE but this was before they struck oil so I'm interested to see some Edison comment, cheers. Any other North sea oilers for my list by the way?

NPE romping away, better play than EO. atm..

This looked very strong today and made my first purchase. Informed posters? saying these could one day be worth north of 10. 3 will do me.

shocker of an rns.

Market doesn't think it's that shocking, did wonder if a quick sell was needed this
morning but both EO. and this one up at the mo. So will hold for time being.

Here we are..good news:

Catcher East Oil Discovery



Nautical Petroleum plc (LSE: NPE) is pleased to provide an update on the Catcher East side‑track well located in UK Central North Sea block 28/9, in which Nautical has a 15 per cent. equity interest.


The 28/9-1Z side-track has encountered excellent quality oil-bearing sandstones very similar to those in the Catcher discovery well. Preliminary analysis of the wireline logs indicates 82 feet of net hydrocarbon pay over a gross interval of over 236 feet, with an average porosity of 34 per cent., average hydrocarbon saturation of 89 per cent. and excellent permeability. A core was taken in the lower part of the main sand body which recovered 44 feet of oil bearing sand.


The deviated side-track was drilled to a total depth of 5,931 feet Measured Depth (MD). No oil water contact was encountered. Initial pressure data indicates a common pressure regime between Catcher East and Catcher confirming that both are part of a single significant oil accumulation, with an oil column of 267 feet.


The co-venturers have now decided to drill an additional side-track to the south west of the original 28/9-1 Catcher discovery well. The aim of this well is to determine the presence or otherwise of additional potential reservoir sands not encountered in the original Catcher well. This side-track, to be known as the 28/9-1Y Catcher SW Appraisal, will commence following the completion of the current Catcher East side-track and will take approximately 10 - 15 days, dependent upon weather and operational efficiency. This will be the final well in this phase of the Catcher area appraisal drilling programme.


Preliminary analysis by the operator indicates that the Catcher feature (including East and North) may contain oil-in-place of up to 300 million barrels. In addition, the surrounding prospects in the block, which have now been significantly de-risked, could add very significantly to this number. Further studies are now being undertaken to determine likely recovery rates.




Steve Jenkins, Nautical's Chief Executive Officer, commented:



"This is another superb result from the prolific Catcher area. The resources discovered to date should lead to a major development. We look forward to drilling a number of the other prospects on the block, which have been significantly de-risked by the Catcher and Catcher East discoveries, as soon as is practical."


Steve Jenkins, BSc (Hons) Geology, MSc in Petroleum Geology (Imperial College) and a Fellow of the Geological Society of London, who has over 28 years' experience in the oil exploration and production industry, has reviewed and approved the technical information contained in this announcement.

Looks like the rig contract has fallen through for NPE to drill Kraken.

XEL now have a binding contract to drill Bentley in Sept using the Ocean Nomad.

Kraken spudding imminent.

come on you two....make up your minds....is it...isn't it.,.

No one seems to have taken notice of the significant rise in NPE, glad i'm in here.
Along with EO, and XEL could be a nice little earner. hello.,.

New high reached today.,.

We must be very near completion of side track drilling, which maybe why sp is on the climb.,.

Gone ballistic, successful kraken drill 3+

Well done Balerboy.....!....

Out for now with a very very healthy profit, EO. is next in line and topped up there.,.

just the beginning for this fledgling company Balerboy, hope you didn't sell them all as i think NTE will be the next Cairn / Tullow. 100mb at 50$ values this find at 500m (info from another site and not verified by) with more to come and now derisked assets value much higher

out for now and hoping for an eventual retracement to get back in, but knowing my luck it'll be another asos.. backing EO. in hope.,.

or RKH first the strike then... the analysis then confirmation of flow test all to come

anybody know where the rig goes after drilling for eo. is it back to npe to see what they actually have??

some suggest thisfind is 197mbo and worth over 750m to the NAV. With newsflow of Catcher to come and more analysis on this find the sp can only push higher imo

Nautical Petroleum plc has been 'nominated' by Shares readers in the Best AIM Company Achievement category. The Awards ceremony is tonight.

Nominations are:

Blinkx plc
H&T Group plc
Hightex Group plc
Mulberry Group plc
Nautical Petroleum plc
Rockhopper Exploration plc

AGM, useful time tables.

Click here for AGM notes

One to keep an eye on

http://www.dailymail.co.uk/money/article-1351230/MARKET-REPORT-GEOFF-FOSTER-Nautical-tipped-lucky-strike.html#ixzz1CJBIzfHC

COS on this is about 90% after XEL success

getting into the 5 mark now, northsea a good place to be at the mo along with EO. and XEL. I'm in all three and waiting.,.

No one seems to have noticed NPE has broken through 5 barrier and holding, must be something stirring.,.

didn't take advantage of 5 but glad i got out at 440p north sea gone quiet for now.,.

For immediate release
6 July 2011




Nautical Petroleum plc



("Nautical" or the "Company")



Kraken 9/02b-5 Appraisal Well Commences

Nautical Petroleum plc (AIM:NPE), is pleased to announce that the drilling of the 9/02b-5 well has commenced on the Kraken discovery located on North Sea Block 9/2b.

The appraisal well spudded at 13-30 hrs this afternoon. The well is being drilled approximately one kilometre to the south west of the 9/02-1a discovery well, to further appraise the core area of the field and establish a commercial flow rate.

Initially a pilot well will be drilled, cored and logged. This will be followed by a horizontal sidetrack of up to 600 metres. A Logging Whilst Drilling (LWD) suite will be run over the horizontal section to provide further understanding of the reservoir quality and distribution. The horizontal sidetrack will be completed with a gravel pack and tested using an Electric Submersible Pump (ESP). Upon completion of the drilling programme the well will be suspended to be used as a future development well.

The drilling is being performed by the semi-submersible rig the Wilhunter and is expected to take approximately 60 days in total, subject to weather and any operational downtime. The initial pilot well is expected to take 20 days.

Nautical has a 50% interest in North Sea Block 9/2b and is the operator. The other participants are Celtic Oil Limited, a fully owned subsidiary of First Oil Expro Limited (30%) and Canamens Energy North Sea Limited (20%).

Commenting on this announcement Steve Jenkins, Chief Executive Officer of Nautical said:

"We are delighted to commence this key activity, which is aimed at confirming Kraken's commerciality. Assuming success, it is our intention to submit a preliminary Field Development Plan (FDP) for the first phase of the development to the Government by September 2011, with a target for full FDP approval by June 2012. Success will represent a significant step towards the commercialisation of Kraken."

Not only GKP thats had a nice rise today, maybe something brewing.,.

Numis note out today:

The 9/02b-5Z appraisal well on the Kraken heavy oil field is the largest share price catalyst for Nautical Petroleum this year. With a result due as early as next week, we look at the potential NAV impact of a commercial Kraken development.

Kraken appraisal well result due as early as next week. Based on its 40-day drill time, flow testing from the 600m horizontal section of the Kraken appraisal well should begin in the next few days with a result expected about a week later. The threshold for commerciality is c.2,500bopd, with one of the key risks being control of sand production from what is a particularly porous (38%) Heimdal III reservoir.

Commercial flow rates would de-risk our 245p/sh Kraken valuation. At present we do not believe Kraken is being valued by the market, with Nautical's cash (88p/sh and stake in Catcher (199p/sh) roughly equal to the current share price. We value Nautical's stake in Kraken at 245p/share on a risked basis, and if the field is deemed commercial we would expect a significant portion of this value to be unlocked - Kraken would become Nautical's largest development asset by net resources (83mmbbl in the Heimdal III sands), with even further upside potential in the Heimdal I.

Minimal downside risk if Kraken disappoints. A non-commercial well result would cut our Nautical NAV by around 40% (-274p/sh), taking Nautical's P/NAV to 0.65x, in line with the E+P sector and suggesting limited further downside from current levels.

Fingers crossed.,.

Kraken 9/02b-5Z Tests at 4,550 barrels oil per day

Nautical Petroleum plc (LSE: NPE) is pleased to announce that the Kraken 9/02b-5Z horizontal well, located in UKCS North Sea Block 9/2b, has been successfully completed and tested.

The horizontal section of the well was drilled from 5,257 feet Measured Depth (MD) to a total depth of 7,260 feet MD, a horizontal displacement of 2,003 feet. Preliminary log evaluation indicates a calculated net oil pay of 1,598 feet, with average porosity of 38% and average oil saturation of 90%. The logs indicate a continuous reservoir interval with a maximum pay thickness along the horizontal section of 120 feet true vertical thickness.

The interval 5,257 - 6,724 feet MD was completed with sand screens and an openhole gravel pack. The estimated completed net pay was 1,287 feet which was then tested using an Electric Submersible Pump (ESP).

The well was put on production and cleaned-up at increasing flowrates for a total of 23 hours. A multi-rate test was then carried out including stable rates of 3,000 bbl/d for 12 hours and 4,100 bbl/d for 11.5 hours. The maximum stabilised rate achieved was 4,550 bbl/d. Production rates were constrained by the surface testing facilities. The productivity index at the end of the main flow period was 10 bbl/d/psi. Total oil produced during the test was 6,000 bbls. The water cut at the end of the main flow period was zero.

The oil gravity was 15 API. Downhole and surface oil samples were collected for analysis.

On completion of operations, the well will be suspended for future use in the development of the Kraken field.

Nautical has a 50% interest in Block 9/2b and is the operator. The other participants are First Oil and Gas Limited (30%) and Canamens Energy North Sea Limited (20%).

FT sector watcher note:
A cracking result from NPE's Kraken field in the North Sea, with the latest appraisal well flowing at a peak rate of 4,500 b/d, close to double what the company thought would have been sufficient for commerciality. Two separate tests flowed at 3,000 b/d and 4,100 b/d for around 12 hours each, with the flow-rate constrained by surface testing facilities & the group believes that under normal conditions the well would be capable of producing 8,000 b/d.

. This is very good news for NPE and entirely validates its recent decision to increase its stake in the field from 35% to 50%. The project will now move on to development concept selection with sanction expected in Q3 next year. In our risked NAV of 634p/share we were carrying 286p/share for Kraken Phase I, risked at 80%. Hence de-risking this would move our TP above 700p/share vs a current price of 288p/share.

Note from Evo today:
The highly successful well test at Kraken is the final piece in derisking the development jigsaw for this large heavy oilfield in the UK North Sea. The project should move forward to sanction in 2012 with first oil in mid 2015. Derisking to 75% adds 100p to our RENAV and TP.

The key horizontal well test for Kraken has proved commercial flow rates from the reservoir, derisking the project which should now move forward to project sanction in 2012. The derisking adds 100p to our target price. The horizontal well test on the Kraken field has achieved a maximum stabilised flow rate of 4550 b/d using an electric submersible pump (ESP). Production rates were constrained by surface testing facilities. The well has been suspended for future use. The pre-drill minimum commercial rate was around 3000 b/d so a well capable of around 8000 b/d removes any doubt as to the commercial development potential of this substantial heavy oil field (83m bbls net to Nautical), which could be the largest North Sea development for some years.

. A phased development should see first oil in mid 2015. Having started the year with 110m of net cash, we estimate that post drilling and testing costs the company should have net cash of around 80m.
Nautical should be congratulated for operating the Kraken project since 2005 through exploration & appraisal and now has established commercial flow rates for this substantial heavy oil field. Derisking Kraken (Heimdal III reservoir only) from 50% to 75% adds over 100p to our RENAV. Our target price is increased to 600p (from 495p). Note that full derisking of Kraken, Greater Catcher and the rest of the Nautical portfolio has potential of over 1200p/share.

Notification of Results
Nautical Petroleum plc (AIM:NPE) is pleased to advise that its Results for the year ended 30 June 2011, will be announced on Monday 17 October 2011.

StockMarketWire.com
Nautical Petroleum reported profit after taxation for the year to end-June of £50.6m (2010: £2.3m loss), inclusive of gain on partial sale of Mariner of £55.1m.

The end-June 2011 net assets were £137.9m (2010: £57.7m).

The company had cash and deposits of �110m at period end (2010: �11.7m).

A share placing raised �30.3m (�28.9m net of expenses).

The Kraken 9/02b-4 appraisal well extended the oil accumulation to the south of the field, while the Kraken 9/02b-4z west exploration sidetrack encountered 2 oil bearing reservoirs.

Nautical sold 20.6667% of Mariner for �87.5m, retaining a 6% interest.

Nautical's equity interest in Block 9/2b Kraken increased from 35% to 50%.

An independent resource opinion confirmed Kraken Heimdal III resources of 160 mmbo (gross), 83 mmbo net to Nautical.

The Kraken 9/02b-5z horizontal appraisal well tested at 4,550 bopd

Steve Jenkins, CEO, commented: "The year ended 30th June 2011 and beyond has been an excellent period for Nautical. Against a challenging economic environment, Nautical has significantly strengthened its financial position and delivered outstanding operational results, the highlight of which has been the recent Kraken flow test. I would like to thank my fellow directors, employees and contractors for their continued dedication."

Commencement of Drilling Operations on Tudor Rose Well
Nautical Petroleum plc (AIM: NPE) announces that the Tudor Rose appraisal well 14/30a-5 in Central North Sea Block 14/30a was spudded at 14:22 hours on 16 November 2011.

The well is being drilled approximately 2.5km NNW of the 14/30a-2 discovery well. The main objectives of the appraisal well are to obtain a core of the Beauly sandstone reservoir and to collect reservoir fluid samples to establish the API and viscosity of the oil.

The well is being drilled using the Sedco 704 semi-submersible rig and is being managed by Applied Drilling Technology International (ADTI). The well is expected to take approximately 20 days, subject to weather and operational requirements.

Nautical has a 20 per cent. equity interest in Central North Sea block 14/30a.

fingers crossed then....

StockMarketWire.com
Nautical Petroleum has been offered a licence, covering two exploration blocks, in Scotland.

The blocks 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.

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 10m 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."

Have to just mention NPE is climbing steadily everyday so far, over 300p now.

StockMarketWire.com
Nautical Petroleum has agreed with EnQuest PLC to divest a 25% interest in United Kingdom Petroleum Production Licence P1077, North Sea Blocks 9/2b & 9/2c, which contain the Kraken discovery.

In consideration for the transaction Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, consisting of a $150 million firm carry and a contingent carry of up to $90 million.

Acquisition of 25% Interest in North Sea Block 3/27a

Nautical Petroleum plc (AIM: NPE) announces it has entered into an agreement with First Oil Expro Limited to acquire a 25% interest in UK Petroleum Exploration and Development Licence P1756, North Sea Block 3/27a, which contains the Hydra prospect.

Nautical was previously the operator of Block 3/27a, and has exercised an option to farm-in to the block with First Oil Expo Limited.

The licence commitment, to be completed by 10 January 2015, is the acquisition of 250km of 2D and 100km2 of 3D seismic plus a well to be drilled at the discretion of the participants.

First Oil Expro Limited, the operator, currently hold a 100% interest in P1756. The transfer of interest is subject to completion of due diligence and approval by the Department of Energy and Climate Change.

Steve Jenkins, Nautical Chief Executive Officer, commented:
"We are delighted to be returning to this block. We have extensive knowledge of it and look forward to further investigating, with First Oil Expro, its prospectivity at both the Tertiary and Jurassic levels,"

StockMarketWire.com
Nautical Petroleum has completed the sale to EnQuest of its 25% interest in the Kraken discovery, together with interests in the surrounding exploration acreage.

In consideration for the transaction Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, comprising a $150 million firm carry and a contingent carry of up to $90 million.

The value of the contingent carry will be calculated by reference to a determination, during the development drilling phase, of the gross 2P reserves in Blocks 9/2b & 9/2c by a competent person.

The agreement and the associated details of the transaction were announced on 24 January 2012. The transaction has received all approvals from the Department of Energy and Climate Change and joint venture partners.

Commencement of Drilling Operations on Carnaby Well
Nautical Petroleum plc (LSE: NPE) announces that the Carnaby exploration well 28/9-5 in Central North Sea Block 28/9 was spudded at 05:45 hours on Friday 11 May 2012.

The well is being drilled using the Sedco 711 semi-submersible rig and is being managed by Applied Drilling Technology International (ADTI). The well is expected to take approximately 25 days, subject to weather and operational requirements.

The well is located immediately to the west of the Burgman discovery in the Greater Catcher Area. The objective of the well is to establish if hydrocarbons are present in the Tay and Cromarty sands.

Nautical has a non-operated 15 per cent. equity interest in Central North Sea block 28/9.

Carnaby Oil Discovery
Nautical Petroleum plc (LSE: NPE) is pleased to announce that the Carnaby well 28/9a-5A located on UKCS Central North Sea Block 28/9a has reached Total Depth of 4,695 feet Measured Depth and has successfully encountered good quality oil in the Lower Tay sandstone.

The well encountered 44 vertical feet of net oil pay in a single Tay sandstone interval of 46 feet gross vertical thickness. Preliminary log analysis indicates that the average porosity in the reservoir interval is 36% and the average oil saturation is 85%. The oil gravity estimated from wireline samples is 24°API.

The well also intersected thin hydrocarbon-bearing sands in the Tay above the main oil reservoir and water-bearing Tay sands approximately 100 feet below the oil zone.
Good quality Cromarty sands were encountered but they were not hydrocarbon bearing.
The well will now be plugged and abandoned as planned.

Capricorn Energy Limited ("Capricorn"), a wholly-owned subsidiary of Cairn Energy PLC ("Cairn")

for

Nautical Petroleum plc ("Nautical")

(to be implemented by way of a Scheme of Arrangement under Part 26 of the Companies Act)
Summary

· The boards of Cairn and Nautical are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Capricorn for the entire issued and to be issued share capital of Nautical (the "Offer"). It is intended that the Offer will be effected by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Offer, Nautical Shareholders will be entitled to receive 450 pence in cash for each Nautical Share held.

· The Offer values the issued and to be issued share capital of Nautical at approximately £414 million. (Nautical held cash and deposits of £69.9 million at 31 December 2011.)

· The Offer Price represents a premium of approximately:

o 51.1% to the closing price of 297.8 pence per Nautical Share on 12 June 2012, the Business Day immediately prior to the date of this announcement; and

o 45.3% to the average closing price of 309.8 pence per Nautical Share over the three month period ended 12 June 2012.

seeing as the offer is 450p I took 463 whilst it was there, nice little tickle. put profit into xel.,.