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AIM Bulletin
Nautical expects to start drilling in May
12 March 2010 07:54
Europe-focused oil exploration company Nautical Petroleum has secured the use of a rig for the drilling of the Catcher prospect in the UK Central North Sea.
Drilling on the well, located in block 28/9, is expected to start in May. A sea-bed survey in January indicated that the well can be drilled using a heavy duty jack-up rig, and the use of just such a rig has now been secured.
‘The block contains numerous stratigraphic leads and prospects at the Paleocene, Eocene and the Jurassic levels,’ said Nautical’s chief executgive officer, Steve Jenkins.
‘Recent 3D reprocessed and interpreted seismic has defined traps and revealed several seismic anomalies,’ Jenkins added.
Nautical holds a 15% stake in the block. The costs of the well are being partially carried by its joint venture partner Premier Oil.
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