Company Information for Nautical Petroleum Plc

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Company Statement

Nautical Petroleum plc is an independent hydrocarbon exploration and development company listed on the London AIM. The company's mission is to acquire, develop and add value to discovered heavy oil, initially on the United Kingdom Continental Shelf.

Nautical Petroleum plc intends to become a significant producer of heavy oil, initially in the United Kingdom Continental Shelf (UKCS) and in Europe.

Our aim is to secure further heavy oil discoveries in the UKCS and EU through acquisitions, farmins and licensing rounds.

We aim to achieve near term production on current assets and enhance crude value and mitigate risk through our relationships.

We will acquire heavy oil exploration blocks with low / moderate commitments and farmout to mitigate portfolio risk, with the overall aim of enhancing shareholder value.

Operations and Technology

UK North Sea

Block 3/27a
Nautical has a 35% interest in block 3/27a with an effective date of 1st December 2004. Subsequently converted to traditional licence on 1st December 2006

Located directly north of Block 9/2b (Kraken discovery) on the East Shetland Platform, the interpretation of both 2D and 3D seismic data was sufficiently encouraging to convert the licence from Promote to Traditional in October 2006 and commit to the Department of BERR to acquire high resolution, high density 2D seismic data and drill a contingent well to penetrate the Jurassic.

Block 3/22
Nautical was awarded a 40% (operational) interest in blocks 3/22 and 3/26 in the 25th Seaward Licensing Round in 2009 for a period of 4 years.

Proprietary high resolution, high frequency 2D seismic was shot by Nautical in 2007 over 3/22. Interpretation showed a large prospect at Heimdal level (Lusca) with a strong DHI and confirmed the extent of a Dornoch discovery to the east (DA) drilled by the 3/22A-2 well.

Block 3/26
Nautical was awarded a 40% (operational) interest in blocks 3/22 and 3/26 in the 25th Seaward Licensing Round in 2009 for a period of 4 years.

The extreme east of 3/26 was covered by a strip of recently acquired seismic 2D which,showed a pinchout of the Heimdal sands to the west (leads HN & HS).

Further spec seismic will be purchased shortly to further define the western edge of the Heimdal sand.

Blocks 8/5 & 9/1
Blocks 8/5 and 9/1 are contiguous to the west of block 9/2b (containing the Kraken discovery). Initial mapping of an extensive legacy 2D seismic database highlighted 2 culminations on a northwest, south-east trending channel like feature at both the Heimdal and Maureen levels. The seismic signature is analogous to sand rich channels elsewhere on the platform.

The reprocessing of 250 kilometres of 2D seismic has significantly enhanced the character of the 2 reservoir horizons and the Base Tertiary event. A single new 2D high resolution seismic line was acquired in October 2007 which showed greater clarity at the reservoir targets.

Block 8/25a
Nautical has a 50% interest in blocks 8/25a & 8/25b. The Selkie prospect was drilled in May 2008 in 13 days but, despite the Dornoch Formation being penetrated close to prognosis, the well was dry. Initial interpretation indicated that the shale seal, which proved competent in the nearby Skipper discovery, was developed as a siltstone causing an ineffective top seal to the reservoir sands. Nautical had no financial exposure to the well having successfully farmed out its interest to Canamens and Celtic Oil Limited.

Blocks 9/2b & 9/2c
Nautical’s first awarded licence (35% interest) in the UKCS is located on the East Shetland Platform, west of the North Viking Graben and contains the 9/2-1A discovery well drilled in 1985 and the successful 9/2b-2 appraisal well drilled in October 2007 which confirmed the substantial Kraken oil accumulation. The discovery well tested 15 API oil on drill stem test (DST) from the Heimdal Sandstone Member of the Tertiary (Palaeocene) system.

Blocks 9/6 & 9/7b
Nautical was awarded a 35% operated interest in blocks 9/6 and 9/7b in the 25th Seaward Licensing Round in 2009 for a period of 4 years. These blocks are contigious with 8/5 and 9/1 and directly south of 9/2b which  contains the Kraken discovery.

Block 9/11a
Nautical acquired a 26.67% interest in the Mariner discovery through the acquisition of Alba Resources Holdings Limited in August, 2005. Located on the East Shetland Platform, west of the Viking Graben, Block 9/11a contains the Mariner discovery drilled in 1981. Since then data from several 3D seismic surveys have been acquired and 9 vertical and 6 high-angle horizontal appraisal wells have been drilled. The vertical wells produced 1,000 to 1,595bopd.

Block 9/11c
Nautical has a 80% interest in the block 9/11c. Located on the East Shetland Platform, directly south of the Mariner discovery, the Block contains the Mermaid prospect, which was drilled in late 2007. Unfortunately, despite encountering the target Heimdal and Maureen sands on prognosis, they were both water wet and the well was plugged and abandoned. The drilling of the well lifted the Fallow status on the Block and no further activity is requested by BERR until 31 December 2010.

Block 14/30a
Nautical has a 20% interest in the 24th Round traditional licence. Located in the Outer Moray Firth adjacent to Ivanhoe, Rob Roy and Goldeneye fields this Traditional Block, contains 1 undeveloped discovery, 14/30a-2, named Tudor Rose. The well encountered a 24 metre oil column beneath a 3 metre gas cap at around 1000 metres subsea within Tertiary, Dornoch formation sands. Further prospects have been mapped on 3D seismic within the Lower Cretaceous (Kopervik sand) and the Jurassic Sgiath sand.

Block 15/21g (Licence 1655)
Block 15/21g was awarded in the 25th Licensing Round as a traditional licence. EnCore has a 40 per cent. equity and is operator. The block contains a large stratigraphic prospect downdip from the 15/21a-38 discovery.

Blocks 28/9 & 28/10b
Nautical has a 15% interest in Blocks 28/9 and 28/10b (split) located on the West Central Platform, west of the Central Graben and the nearby Guillemot Field.

Block 113/29c & 113/30
Nautical was awarded a 50% interest and operatorship of Traditional licence covering 113/29c and 113/30. The Blocks are located in the East Irish Sea Basin adjacent to Walney Island on the Cumbrian coast. There are numerous oil and gas shows in the offshore wells and hydrocarbon migration through the Blocks are proven by heavy oil columns and hydrocarbon shows in the onshore wells to the east.

UK On Shore

Keddington Field
Nautical Petroleum through its wholly owned subsidiary Alba Resources Limitedl, has acquired from Egdon Resources UK Limited a 10% working interest in the Onshore Licence PEDL005 (Remainder) known as the Keddington Field with associated plant and machinery for the consideration of £260,000.

This acquisition provides Nautical with its first production (of approximately 5 bopd net to Nautical) and supports its ongoing strategy of developing onshore assets in Europe. The crude oil from Keddington is a light waxy oil of approximately 38 degrees API.

France

St Laurent Permit
The Saint Laurent Permit in South West France contains the undeveloped Grenade heavy oil accumulation and several further hydrocarbon exploration plays. The discovery well, Grenade-Sur-Adour-1 was drilled by SNEAP (Elf) in 1975 and encountered a 97 metre oil column of 10 API oil in Cretaceous
Albian carbonates. Between 1976 and 1985 around 8,000 barrels of oil were recovered from intermittent tests, the well being finally plugged and abandoned during a period of low oil prices in 1985.

Gex

The Gex Permit covers an area of 932 square kilometres and is located in eastern France near the Swiss border.This permit will have a 5 year durationand the initial 2 year work programmewill comprise the reprocessing and interpretation of the existing seismic data and detailed geological studies.

Pontenx

The Pontenx Permit is located in southwest France on the southern marginsof the Parentis Basin, an oil productiveregion on the west coast of France, and covers an area of 313 square kilometres. This licence contains the abandoned Mimizan Nord heavy oil field and a number of other high potential prospects with good oil shows and tests.

Board of Directors and Key Management

Major Shareholders

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