Nautical Petroleum Strikes Additional Oil Pay at Kraken

The Kraken exploratory sidetrack well, 9/02b-4z, was drilled to a total depth of 5,552 feet (1,692 meters) by the Ocean Nomad semisub. The well encountered oil-bearing sands in both the Heimdal Unit III and Heimdal Unit I reservoirs.

The top of the Heimdall III section, encountered at 4,417 feet (1,346 meters), has a true vertical net oil pay of 42 feet (13 meters). The Heimdal Unit I section has a true vertical net oil pay of 35 feet (11 meters). Logging data has indicated that average porosities in both units are very high and may exceed 40% with oil saturation of up to 90%. The Heimdal I reservoir has significantly higher net to gross and porosity than previously encountered in any Kraken well. Oil/water contact wasn't encountered in the Heimdal Unit III nor the Heimdal Unit I.

Plugging and abandonment operations will now commence. 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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