RNS Number : 0949I
Nautical Petroleum PLC
13 November 2008
For immediate release 13 November 2008
Nautical Petroleum plc
("Nautical" or the "Company")
6 successful awards in 25th Seaward Licensing Round
Nautical Petroleum plc (AIM : NPE), the developer of heavy oil assets in the UK and Europe, today is pleased to announce that it has
been offered 6 exploration/appraisal blocks in the 25th Seaward Licensing Round.
As Operator, Nautical has been awarded 4 traditional licences as follows:
Block Partners Nautical Interest Firm Obligations Contingent
Obligations
3/22 Rocksource, Canamens 40% EM Feasibility Drill or Drop
3/26 Rocksource, Canamens 40% EM Feasibility Drill or Drop
9/2c Celtic, Canamens 35% To be confirmed
9/6 Celtic, Canamens 35% Seismic Drill or Drop
In addition, Nautical, in collaboration with other venture partners, has been awarded 2 further traditional licences:
Block Operator Nautical interest Firm Obligations Contingent Obligations
8/25b (split) Canamens 30% Reprocess seismic Drill or Drop
15/21e (split) Encore 30% Obtain and reprosess Drill or Drop
seismic
These new awards consolidate Nautical's position as a major player in the North Sea, and confirms its reputation as Operator with the
offer of these blocks.
Commenting on the 25th Licensing Round and the licence offers, Nautical's Chief Executive Officer, Steve Jenkins said:
"Nautical has once again demonstrated its ability to win new licences and looks forward to adding significant value to its portfolio.Nautical welcomes the addition of our new partner Rocksource, a recognised expert in the interpretation and utilisation of Electro Magnetic
("EM") surveys. The offer of these blocks consolidates Nautical's strong position on the East Shetland Platform."
For further information please contact:
Nautical Petroleum plc 020 7550 4890
Steve Jenkins, Chief Executive
Paul Jennings, Commercial Director
Will Mathers, Finance Director
KBC Peel Hunt 020 7418 8900
Jonathan Marren
Buchanan Communications 020 7466 5000
Ben Willey
Ben Romney
This information is provided by RNS
The company news service from the London Stock Exchange
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