Nautical said that the offer of these blocks represents an excellent outcome for Nautical, with all applications proving successful.
The company said that the licenses offered complement its strategy of additional exposure to selective United Kingdom Continental Shelf ("UKCS") blocks which fit the Company's development criteria and could add materially to its future resource base.
Nautical is committed to its near term drilling program on the UKCS, with a three well program planned during 2007. The Company anticipates first oil from its St. Laurent Permit in Southern France by late 2007.
Commenting on the 24th Licensing Round and the license awards, Nautical's Chief Executive, Steve Jenkins said:
"We undertook an extensive screening process in preparation for the 24th round to select high quality targets which fit our criteria. We are very pleased to have been successful in all applications.
"New drilling commitments include additional activity in 2007/8, and we look forward to this busy program ahead."
Details of the awarded blocks are outlined below:
Block(s) in offered Licenses Operator Partner(s) Nautical Obligations License Type Interest Firm Contingent; Drill or Drop (D/D) 28/9&28/10b (Split) Oilexco EnCore 15.0% 1 Firm Well; Traditional obtain 3D 113/29c&113/30 Nautical EnCore 50.0% Obtain& D/D Traditional Reprocess 2D 14/30a EnCore Endeavour, 20.0% Reprocess 3D 1 Contingent Well Traditional Lundin Heather 2/3 (Part)&2/4b Granby Gas Plus E&P, 33.3% Obtain & D/D Promote Gas Plus O&G Reprocess 2D Obtain 3D • Nautical has a 15% interest in the license containing blocks 28/9 and 28 /10b (split). The operator of these blocks, Oilexco North Sea Ltd, has offered to drill a firm well within 12 months of award. Nautical will have 20% of its costs for this well paid for by Oilexco. • Nautical will become operator of the license containing blocks 113/29c and 113/30. This license has a drill or drop option on a sizeable offshore prospect that could be drilled from an onshore location. • On block 14/30a, of which Nautical has a 20% equity interest, the operator, Encore Petroleum Ltd, has agreed to drill a well contingent on further evaluation of the 14/30a-2 heavy oil discovery. • Blocks 2/3 (part) and 2/4b have been offered under promote license terms that contain commitments to obtain and reprocess further seismic data.
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