Nautical Petroleum has been offered a traditional licence, covering two exploration blocks, in the 26th Seaward Licensing Round second tranche of offers as follows:

Blocks 12/16b &12/17b lie in the Inner Moray Firth and have prospectivity in both the Lower Cretaceous (Coracle and Punt Sandstones) and the Upper Jurassic (Alhess and Claymore Sandstones). The initial licence term is four years with the decision to drill a well required by the end of the initial licence term.

In addition, subject to Department of Energy and Climate Change (DECC) approval of an offer made to and accepted by InfraStrata plc, Nautical will acquire an interest in another traditional licence covering three exploration blocks, as follows:

Blocks 97/14, 97/15 and 98/11 cover an offshore area of 584 square kilometres adjacent to the Dorset coast, close to the Wytch farm oilfield. The initial licence term is four years with the decision to drilling a well required within the first two years.

Commenting on the 26th Licensing Round and the licence offers, Nautical's Chief Executive Officer, Steve Jenkins said,"We are delighted to have been offered Blocks 12/16b and 12/17b, which lie north east of the Beatrice and Jacky fields and the 12/21-3 discovery. We are greatly encouraged by the presence of large leads at four stratigraphic levels.

The English Channel blocks (97/14, 97/15 and 98/11) contain interesting prospects and discoveries, including the 98/11-2 well drilled in 1984. This encountered a 26 metre gas column which was tested and flowed at an approximate rate of 10 million standard cubic feet of gas per day. Part of our programme will be to establish the commerciality of this discovery, which can be accessed from an onshore location."

Tags: Nautical Petroleum plc