Nautical Petroleum Share Discussion Threads

[steelwatch] 20/3/2012 11:22

IC VIEW:
Nautical has successfully realised significant value from its North Sea projects, a fact that is yet to be factored into the company's share price which is trading 30 per cent below risked valuations. Buy.

[haydock] 20/3/2012 11:07

Offshore.no International » News » Field development


UK Kraken FPSO plan due later in 2012



Posted 20.03.2012 08:39:50 av John Bradbury







Floating production providers have indicated their willingness to supply an FPSO for the UK North Sea Kraken field development to meet a project schedule for first oil in 2015.

Kraken field partners have been encouraged by a favourable response from FPSO contractors who are prepared to make a vessel available for the development on "advantageous terms," one of the partners, Nautical Petroleum reports, in order to meet the preferred development schedule for the field.

"The partnership will negotiate with these suppliers to secure a vessel for the phased development of Kraken, initially targeting the core appraised area, with horizontal development wells drilled from two drill centres, with subsea tie backs to the FPSO," Nautical has indicated in its interim results statement, confirming previous expectations of the field development scheme.

Submission of a Kraken Field Development Plan to the UK's Department of Energy and Climate Change is due to take place later this year, and first oil is planned for 2015, Nautical indicates.

Recent work at the field has included a test on the 9/2b-5z Kraken horizontal appraisal well, which has tested at up to 4,550 b/d of oil and an independent resource opinion has suggested the Kraken Heimdal III reservoir contains up to 160 million barrels of oil – with 83 m bbls net to Nautical, although the company has since sold 25% field equity to EnQuest.

Also a large 3D seismic survey has been undertaken over the Kraken field area, on the Ketos prospect, and surrounding blocks.

Nautical reported a net loss of £3.7m for the six months to December 2011, compared with £52.9m profit for the same period in 2010.

[apad] 19/3/2012 12:14

Thanks OR.
I noticed the Working Capital of about £69m but had no idea whether this was good or bad in context. But the Tintins seem to like it.
apad

[apad] 19/3/2012 08:10

Steel....
Well, I read most of it and decided I have no skill at all in reading reports from this type of company. I'll have to rely on commentators later in the day.
apad

[steelwatch] 19/3/2012 07:24

Nice meaty interim report to get your teeth into:

[steelwatch] 17/3/2012 11:44

leeds - can't remember who it was and can't be bothered to look back, but well recall certain "well respected" EO. posters asserting that EO. was the better investment over NPE. Result was I decided to hedge my bets and sold a few here and bought some there and lost money :-/

[leedskier] 17/3/2012 10:44

Shame EO. was unable to benefit from this.

[leedskier] 17/3/2012 10:33

also here ...




and here

[steelwatch] 16/3/2012 09:47

The interims are due this month, maybe next week.

[leedskier] 16/3/2012 09:45

Yes good news. I might go the book on the bid today. This share is being played with low volumes.

[steelwatch] 16/3/2012 09:41

Kraken Partial Sale Completion

Nautical Petroleum plc (AIM:NPE) is pleased to announce the completion of the sale to EnQuest PLC of a 25% interest in the Kraken discovery, together with interests in the surrounding exploration acreage.

In consideration for the transaction Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, comprising a $150 million firm carry and a contingent carry of up to $90 million. The value of the contingent carry will be calculated by reference to a determination, during the development drilling phase, of the gross 2P reserves in Blocks 9/2b & 9/2c by a competent person.

The agreement and the associated details of the transaction were announced on 24 January 2012. The transaction has received all approvals from the Department of Energy and Climate Change and joint venture partners.

[rogsim] 08/3/2012 09:47

steelwatch

Amen to that!

[steelwatch] 08/3/2012 09:04

rog - let's hope the 35/40 days is unduly pessimistic then!

[rogsim] 08/3/2012 08:28

According to an RNS this morning from Premier Oil, spudding of Carnaby is scheduled for early April with results in May.

[steelwatch] 08/3/2012 08:08

Valiant has announced that operations, delayed by bad winter weather, have commenced to drill their Block 29/1c Orchid well using the Sedco 711 semi-sub with spudding in the next few days and operations to take 35-40 days to complete. Next stop Carnaby mid/late April, all being well.