Nautical Petroleum Completes North Sea Acquisition

Nautical Petroleum has completed the acquisition of a 98.5% interest in the Bluebeard (9/12b) and Skipper (9/21) discoveries in the East Shetland Platform from Engen Resources Ltd for a minimum of US$2.65 million.

The consideration will be satisfied in part by the issue of 5,559,739 shares in Nautical at a price of 11.35p per share. Application will be made for the issue of the New Shares to be issued fully paid and allotted by the Company in due course, and it is anticipated that the shares will be admitted to trading on 29 November 2006. Following admission the issued share capital of the Company will be 1,077,689,619 ordinary shares.

The Company now has a balanced portfolio of interests in heavy oil assets on the United Kingdom Continental Shelf, and in line with its strategy to balance risk, will continue to examine farm out opportunities, following the successful transaction announced with Celtic Oil Limited (SK Corporation) earlier this year.

Commenting on the completion of this acquisition, Steve Jenkins Chief Executive of Nautical said:

"We are pleased to secure these significant discoveries which lie adjacent to our existing licenses. We look forward to progressing development of these discoveries to bring them into production at the earliest opportunity."

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