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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Download Nautical 2007 Annual Report

Hardman & Co. Research note

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...