map courtesy Nautical Petroelum

U.K.-based Nautical Petroleum has raised £20 million ($40.6 million) in London ahead of launching an exploration campaign in the North Sea hinged on two wells it operates and one in which its interests lie.

Two wells will go in at the Kraken field by year-end 2007, including an appraisal in October into what is believed to be Nautical’s a 24-million-barrel trove for the company.

An exploration well is also due at the Mermaid prospect south of the Mariner field, where the confluence of the “the Maurine and Heimdal horizons” hints at 64.5 MM bbls.

By early 2008, the company plans the Grenade disovery’s drilling and first production as well as spudding of the Catcher and Selkie prospects.

Seismi at the Hydra prospect might also lead to the drilling a well, the company said.