News

April 06, 2009

Nautical Petroleum Progresses Its Cornerstone North Sea Mariner And Kraken Prospects In The Second Half of 2008

When we last wrote about heavy oil specialist Nautical Petroleum in October 2008, we said that the first half of the year had seen a busy drilling time. By contrast, the interim results for the second half, which have recently been released, contain little new drilling news.

What they do contain is news that the company has moved forward on its two cornerstone assets in the UK North Sea, Mariner and Kraken; been awarded seven new blocks in the UK’s 25th licensing round and one new licence in France and acquired a little production.  Critically, however, given these straightened times, the results also detailed that the company has sufficient funds to see it through to full field development of Mariner and Kraken and still manage some new drilling. This is...