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

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


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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 :)