Nautical Captures Kraken

- Nautical Captures Kraken

Thursday, August 11, 2011
Nautical Petroleum plc

Nautical announced that the Kraken 9/02b-5 pilot well, located in UKCS North Sea Block 9/2b, has successfully encountered oil in the Heimdal III sandstone interval.

The pilot well was drilled to a total depth of 4,785 feet Measured Depth (MD). The top of the target Heimdal III reservoir was encountered at 4,168 feet MD and the overall sand interval has a gross thickness of 145 feet. The well has exceeded predrill expectations, with a thicker net oil pay than expected. Preliminary log evaluation indicates a calculated net oil pay of 94 feet True Vertical Thickness (TVT), with average porosity of 38% and average oil saturation of 78%. As anticipated, an Oil Water Contact (OWC) was not encountered at this location.

The well was designed to target an area of strong amplitude anomalies interpreted on Coloured Inversion seismic data. The net oil pay encountered correlates with the seismic, providing increased confidence for using these seismic techniques for the selection of locations of development wells.

Following the successful completion of the pilot well, the co-venturers will now commence the drilling of a horizontal sidetrack of up to 600m, which will be completed with a gravel pack and tested using an Electric Submersible Pump (ESP). This activity is expected to take approximately 40 days in total, subject to weather and any operational downtime.

Nautical has a 50% interest in Block 9/2b and is the operator. The other participants are Celtic Oil Limited, a fully owned subsidiary of First Oil Expro Limited (30%) and Canamens Energy North Sea Limited (20%).

Steve Jenkins, Nautical's Chief Executive Officer, commented, "This is an excellent start to the appraisal activity. The well has encountered the thickest net pay in the field to date and has exceeded our pre-drill expectations. We now have five successful penetrations of the main reservoir in the core area of the field. We look forward to commencing the 9/02b-5Z sidetrack, which aims to prove a commercial flow rate on contingent resources of 83 MMbo, net to Nautical."

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Nautical Updates Kraken Discovery Size

- Nautical Updates Kraken Discovery Size

Monday, July 18, 2011
Nautical Petroleum

Nautical Petroleum plc is pleased to announce the results of an Independent Resource Opinion conducted by Gaffney, Cline & Associates (GCA) on the Kraken discovery located in North Sea Blocks 9/2b (Nautical 50%) and 9/1a (Nautical 100%).

GCA have reviewed data and the Company's reservoir simulation studies on the Main Sand Unit of the Heimdal III reservoir in order to provide an independent opinion on the Contingent Resources. The Heimdal III reservoir is the focus of the proposed first phase of development of Kraken and has been penetrated by the 9/02-1A, 9/02b-2, 9/02b-4 and 9/02b-4z wells.

GCA have also provided comment on the Contingent and Prospective Resources in the lower Heimdal I reservoir, which was penetrated by the 9/02b-2 well and extends westward into Block 9/1a. For the Heimdal I reservoir, GCA estimates a gross 1C, 2C and 3C Contingent Resources of 9MMstb, 11MMstb and 13MMstb respectively (Net to Nautical*: 4.5MMstb, 5.5MMstb, and 6.5MMstb). Additionally, GCA estimates gross Low (P90), Best (P50) and High (P10) unrisked Prospective Resources of 14MMstb, 48MMstb and 110MMstb respectively (Net to Nautical*: 9MMstb, 34MMstb and 88MMstb).

Commenting on this announcement Steve Jenkins, Chief Executive Officer of Nautical said:

"The independent review endorses Nautical's resource estimate for the main sand, the Heimdal III reservoir, and confirms Kraken as a material asset, with significant upside. The Heimdal I sand prospective resources represent further upside, and shall be evaluated by the 3D seismic data currently being acquired, to better define the areal extent of the reservoir.

"We now look forward to the results of the key 9/02b-5 appraisal well (spudded on 6 July 2011), which will gather further information about the Heimdall III reservoir and seeks to confirm a commercial flowrate in the core area of the field."

* Net to Nautical resource figures are as per the Company's calculation, based on the gross resources estimated by GCA.

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Nautical Finalizes Stake Acquisition in UKCS License

- Nautical Finalizes Stake Acquisition in UKCS License

Friday, May 20, 2011
Nautical Petroleum plc

Nautical Petroleum announced the completion of the acquisition of an additional 15% interest in UKCS License P1077 Blocks 9/2b and 9/2c (the "License), which includes the Kraken discovery, from Canamens Energy North Sea Limited.

The transaction has received approval from the Department of Energy and Climate Change and joint venture partners. The effective completion date of the transaction is May 18, 2011.

Nautical now has a 50% interest in the License.

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