Nautical Petroleum plc is pleased to announce the results of an Independent Resource Opinion conducted by Gaffney, Cline & Associates (GCA) on the Kraken discovery located in North Sea Blocks 9/2b (Nautical 50%) and 9/1a (Nautical 100%).
GCA have reviewed data and the Company's reservoir simulation studies on the Main Sand Unit of the Heimdal III reservoir in order to provide an independent opinion on the Contingent Resources. The Heimdal III reservoir is the focus of the proposed first phase of development of Kraken and has been penetrated by the 9/02-1A, 9/02b-2, 9/02b-4 and 9/02b-4z wells.
GCA have also provided comment on the Contingent and Prospective Resources in the lower Heimdal I reservoir, which was penetrated by the 9/02b-2 well and extends westward into Block 9/1a. For the Heimdal I reservoir, GCA estimates a gross 1C, 2C and 3C Contingent Resources of 9MMstb, 11MMstb and 13MMstb respectively (Net to Nautical*: 4.5MMstb, 5.5MMstb, and 6.5MMstb). Additionally, GCA estimates gross Low (P90), Best (P50) and High (P10) unrisked Prospective Resources of 14MMstb, 48MMstb and 110MMstb respectively (Net to Nautical*: 9MMstb, 34MMstb and 88MMstb).
Commenting on this announcement Steve Jenkins, Chief Executive Officer of Nautical said:
"The independent review endorses Nautical's resource estimate for the main sand, the Heimdal III reservoir, and confirms Kraken as a material asset, with significant upside. The Heimdal I sand prospective resources represent further upside, and shall be evaluated by the 3D seismic data currently being acquired, to better define the areal extent of the reservoir.
"We now look forward to the results of the key 9/02b-5 appraisal well (spudded on 6 July 2011), which will gather further information about the Heimdall III reservoir and seeks to confirm a commercial flowrate in the core area of the field."
* Net to Nautical resource figures are as per the Company's calculation, based on the gross resources estimated by GCA.
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