Nautical Petroleum secures drilling rig slots for Kraken, Mermaid prospectsadmin
Nautical Petroleum PLC said it has secured the rig slots that will allow the group to proceed with the drilling of the North Sea Kraken and Mermaid prospects in mid-2007.
Kraken, in which Nautical holds a 45 pct stake, is believed to contain gross resources of around 53 mln barrels of oil.
Mermaid, in which the company is a 60 pct shareholder, is estimated to be holding 129 mln barrels.
‘We are now able to complete the remaining preparatory work and move ahead with our programme of appraising and proving up our resource base,’ said chief executive Steve Jenkins.
‘Nautical continues to develop its portfolio in the North Sea and Europe and we look forward to driving towards production during 2007.’