Nautical Disappointed with Mermaid Results

Nautical Petroleum reports the results of the 9/11c-13 Mermaid exploration well, the second well in the campaign after the highly successful Kraken appraisal well.

Well 9/11c-13 was drilled to 5113 feet and encountered excellent quality sands at Tertiary Heimdal and Maureen level. All depths were very close to prognosis, however, both the main Maureen target and the secondary Heimdal objectives were water wet.

Nautical will assess the data gathered from the well and integrate with the 3-D seismic to ascertain the future potential of the block.

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

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

"This is a disappointing result, especially following the Kraken (9/2b-2) appraisal which proved a larger oil accumulation than our maximum case.

"We look forward to continuing our extensive drilling campaign with the spudding of the Grenade-3 appraisal well in January and the Selkie (Block 8/25a) well in the second quarter of 2008."