TIDMNPE
RNS Number : 0211R
Nautical Petroleum PLC
23 April 2009
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| For immediate release | 23 April 2009 |
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Nautical Petroleum plc
("Nautical" or "the Company")
Response to Chancellor's Budget Speech
Nautical Petroleum plc (AIM: NPE), the developer of heavy oil assets on the UKCS
and in Europe, notes provisions made by HM Treasury in the Budget released
yesterday.
The Chancellor has announced the introduction of a New Field Allowance, which
licence holders will be able to offset against Supplementary Corporation Tax
("SCT") (20 per cent), both on the UKCS and onshore. It will also ensure
investment by independents, in addition to global energy players, in this key
hydrocarbon producing region. Heavy oil related developments have been given a
Field Allowance of GBP800 million by HMT as a specific target.
On the basis of these provisions applying to Nautical and its UKCS heavy oil
interests the Directors believe that the New Field Allowance will enhance the
value of the Company's 35% share of Kraken by GBP56 million and also Nautical's
26.67% share of Mariner by GBP43 million.
Commenting on these developments Steve Jenkins, Chief Executive Officer of
Nautical, said:
"Nautical Petroleum is pleased by HMT's announcement of the new allowance. It
provides a worthwhile incentive for Nautical and its partners to maintain the
planned programmes to achieve the Field Development Plan and oil production for
the two fields. It will improve the profitability of each of these developments
and encourages Nautical to continue to explore and develop further opportunities
in the UKCS."
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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| Buchanan Communications | 020 7466 5000 |
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| Ben Romney | |
| Ben Willey | |
| | |
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| Evolution Securities - Nominated Advisor & Joint | 020 7071 4300 |
| Broker | |
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| Rob Collins | |
| Chris Sim | |
| Neil Elliot | |
| Adam James | |
| | |
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| Ambrian Partners Limited - Joint Broker | 020 7634 4700 |
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| Richard Swindells | |
| Alexandra Carse | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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