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.

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Hardman & Co. Research note

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.,.