RNS Number : 0912I
Nautical Petroleum PLC
13 November 2008
For immediate release 13 November 2008
Nautical Petroleum plc
("Nautical" or "the Company")
Drilling Update
Nautical Petroleum (AIM:NPE), the independent exploration and production company focused on the development of heavy oil assets in the
UK and Europe, today announces that the planned drilling of the Hydra prospect has been postponed until 2009 due to bad weather in the North
Sea and the high standby costs that Nautical would incur if the Company held the rig until drilling could commence. As a consequence of the
bad weather, the partnership made the decision to move the rig to the east of the Shetland Islands and then the rig was demobilised.
For further information please contact:
Nautical Petroleum plc 020 7550 4890
Steve Jenkins, Chief Executive Officer
Paul Jennings, Commercial Director
Will Mathers, Finance Director
Buchanan Communications 020 7466 5000
Ben Willey
Ben Romney
KBC Peel Hunt Ltd, Nominated Advisor and Broker 020 7418 8900
Jonathan Marren
Matt Goode
This information is provided by RNS
The company news service from the London Stock Exchange
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