Nautical Spuds Mermaid Prospect

Nautical Petroleum says that the Mermaid exploration well 9/11c-13 spudded on November 22, 2007. 9/11c-13 is an exploration well on the Mermaid Prospect, which is analogous to and lies directly south of the Mariner discovery (Block 9/11a). This is Nautical's second operated well and initial results are expected towards the end of December.

The interests held in Block 9/11c are Nautical Petroleum 50%, Celtic Oil Limited (wholly owned by SK Energy) 40% and Silverstone CNS Limited 10%.

Commenting on the spudding, Steve Jenkins Chief Executive of Nautical said:

"Mermaid is the second prospect Nautical is testing in our drilling program, where the technical work completed to date suggests that best estimate prospective resources total 129 mmbo. If successful, this will represent a further material addition to Nautical's resources and reserves."