Nautical Secures Rig Slot from Senergy to Drill on Hydra Prospect

Hydra Prospect
(Click to Enlarge)

Nautical Petroleum plc has secured a drilling rig slot from Senergy in October 2008 for drilling a well on the Hydra prospect in Block 3/27a.

In the base case, the Hydra prospect has structural closure, with a potentially large stratigraphic upside which, if successful, could contain a best estimate (P50) prospective resource in-place of 600 million barrels. The results from this well are expected in late November 2008.

Block 3/27a forms part of the multi block farm out to Celtic Oil and Canamens which was concluded in July 2008. Nautical retains a 35% equity interest and remains the Operator.

The site survey for the well is currently being acquired.

Commenting on the securing of the drilling rig slot, Steve Jenkins, Chief Executive of Nautical said, "We are delighted to have secured this slot through Senergy. This will be our fourth operated well and is part of the ongoing programme of exploration and appraisal wells on our portfolio of blocks on the UKCS. Having executed three recent farmouts, we are now in the position where we have more than sufficient funds to take us to Full Field Development Approval for both Kraken and Mariner, which are on track for the end of 2009."


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