Nautical Adds Blocks Offshore UK

Nautical Petroleum plc, which specializes in developing heavy oil assets in the UK and Europe, was been offered interests in seven blocks and partial blocks in four licenses in the UK's recent 24th Seaward Licensing Round.

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.
Related Companies
 Company: Lundin Petroleum ABmore info


 - Lundin's Development Expenditure to Top $1B in 2017 (Jan 19)
 - Oil Industry Teams Up to Fight Cyber-Crime (Sep 29)
 - Lundin Terminates Sale of FPSO Bertam to Malaysia's M3nergy Subsidiary (Aug 4)
 Company: Oilexcomore info
 - Flexlife Completes Major Projects Using New Scanning Technology (Sep 15)
 - Oilexco Files Eighth Default Status Report (Jul 21)
 - Oil's Move Could Fuel E&P Deals (May 27)
 Company: Endeavour International Corporationmore info
 - Endeavour Halts Drilling Ops at East Rochelle (Feb 14)
 - Endeavour: Transocean Semisub Mobilized to Rochelle Field (Jan 7)
 - Endeavour CFO Resigns (Oct 29)
 Company: Granby Oilmore info
 - Granby: Tristan NW Gas Development Successfully Drilled and Tested (Feb 28)
 - Granby and Petro-Canada Agree to Cross Assignment in UKCS Quad 13 (Feb 6)
 - Granby Completes Drilling in N. Sea, First Gas Delayed (Jan 28)
 Company: Nautical Petroleummore info
 - Egdon Completes PEDL005(R) Farm-Outs (Sep 21)
 - Cairn Bids $645M for Nautical Petroleum (Jun 13)
 - Nautical Petroleum Spins Bit at Carnaby Well (May 11)
 Company: EnCore Oil plcmore info
 - Deo Petroleum: Amalgamation Agreement Finalized (Jan 12)
 - Egdon Acquires EnCore Stake (Jan 6)
 - Weather Delays Drilling at EnCore's Tudor Rose Well (Dec 8)
 Company: Gas Plus Italianamore info
 - Mediterranean Mobilizes Rigs for Exploration (Jan 28)
 - MOG Awarded Four Italian Exploration Permits (Oct 30)
 - Sterling Farms-out Romanian and UK North Sea Acreage (Oct 24)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
Area Engineer Intern
Expertise: Electrical Engineering|Project Management|Student / Recent Grad
Location: Lubbock, TX
 
search for more jobs

Brent Crude Oil : $53.92/BBL 2.79%
Light Crude Oil : $51.08/BBL 2.66%
Natural Gas : $3.3/MMBtu 3.22%
Updated in last 24 hours