LONDON -- Nautical Petroleum will take a further 15% interest in UK North Sea license P1077 block 9/2b from Canamens Energy North Sea.
Assuming government approval and third party consents, Nautical will have a 50% interest in the permit, with Canamens’ interest lowered to 20%.
In exchange, Nautical will fund Canamens’ share of remaining costs relating to the planned 9/02b-E appraisal well on the Kraken field and a 3D seismic survey.
Nautical will also waive £7 million of past costs owed by Canamens for drilling of the 9/02b-4 well and 9/02b-4z side track.
Steve Jenkins, Nautical CEO, said: “We can now progress our work on Kraken with certainty over its funding arrangements.”
Nautical strengthens hold on Kraken