Nautical Petroleum Encounters Net Pay in North Sea

The drilling of an appraisal well on the Kraken field (9/02b-4) has concluded, reaching a total depth of 4,502 feet (1,372 meters). Targeting the Heimdall III formation, the top of the target was encountered at 3,856 feet (1,175 meters) with a gross thickness of 160 feet (49 meters).

The well proved to be substantially thicker and have a higher porosity than expected. Preliminary data indicates that the Heimdall III main sand contains 83 feet (25 meters) of net oil pay with an average porosity of 39%, and an average oil saturation of 87%. An oil/water contact wasn't encountered in the sand, thus extending the Kraken field oil-down-to a depth of 3,934 feet (1,199 meters) from a depth of 3,842 feet (1,171 meters).

A production test was performed to confirm the productivity of the reservoir tested in the discovery well, but operational problems were encountered, so it was not possible to flow the well at a stable production rate. The lower section of the well will now be abandoned, and a sidetrack, 9/02b-4z, will be drilled to target the western section of the 9/02b-4 well. Drilling of the sidetrack well should take about 14 days.

Discovered in 1985, Kraken is situated on the UK sector of the North Sea on Block 9/2b. Nautical Petroleum operates the field with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

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