Nautical strengthens hold on Kraken

Offshore staff

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.”

05/06/2011



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