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Nautical pursues French exploration licenses

Oil & Gas Journal

Uchenna Izundu
International Editor

LONDON, Aug. 23 -- Nautical Petroleum PLC hopes to secure final award of the Gex and Pontex exploration permits in France next year. It will join operator Egdon Resources PLC and Eagle Energy in the endeavour.

Steve Jenkins, chief executive of Nautical, said the licenses hold good exploration and appraisal opportunities along with the potential for field rejuvenation.

Gex, in Eastern France near the Swiss border, spans 932 sq km. The partners will reprocess and interpret existing seismic data and detailed geographical studies during the 2-year work program. The permit's duration is for 5 years.

"The Gex permit application is proceeding to the final stages of approval through the French system with formal award expected in late 2008 or early 2009," Nautical Petroleum said.

Pontenx is in southwest France on the southern margins of the Parentis basin, an oil productive region on the west coast of France. The permit covers 313 sq km.