TIDMNPE
RNS Number : 5846M
Nautical Petroleum PLC
02 February 2009
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| For immediate release | 2 February 2009 |
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Nautical Petroleum plc
("Nautical" or "the Company")
Acquisition
Nautical Petroleum plc (AIM: NPE) the developer of heavy oil assets on the UKCS
and in Europe today announces that Alba Resources Limited, a wholly owned
subsidiary of Nautical, has acquired from Egdon Resources UK Limited a 10%
working interest in the Onshore Licence PEDL005 (Remainder) known as the
Keddington Field with associated plant and machinery for the consideration of
GBP260,000.
This acquisition provides Nautical with its first production (of approximately 5
bopd net to Nautical) and supports its ongoing strategy of developing onshore
assets in Europe. The crude oil from Keddington is a light waxy oil of
approximately 38 degrees API. The acquisition is part of Nautical's strategy to
access development and near-producing assets to complement its medium term
cornerstone projects of Kraken and Mariner.
Nautical is committed to developing this strategy through licence applications
and acquisitions without recourse to shareholders for new capital.
Commenting on the transaction Steve Jenkins Chief Executive Officer of Nautical
said:
"This is a small but significant step in the development of Nautical giving us
access to our first production and cash flows. We already have a good working
relationship with Egdon in France and regard them as a very competent onshore
operator."
For further information please contact:
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| Nautical Petroleum plc | 020 7550 4890 |
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| Steve Jenkins, Chief Executive Officer | |
| Paul Jennings, Commercial Director | |
| Will Mathers, Finance Director | |
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| | |
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| Buchanan Communications | 020 7466 5000 |
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| Ben Willey | |
| Ben Romney | |
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| | |
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| KBC Peel Hunt Ltd, Nominated Advisor and | 020 7418 8900 |
| Broker | |
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| Jonathan Marren | |
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| Matt Goode | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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