Nautical Petroleum Share Discussion Threads

[steelwatch] 09/5/2012 12:07

Franco/Greek flu.

[johnmcd51] 09/5/2012 11:53

Whoah, Whoah, woe, looks like a repeat of what leedskier says, but why?

[leedskier] 08/5/2012 11:46

When it was falling like this not so long ago, I went on the book at £3.01, but it bounced at about £3.04. When it rose above £3.40, I thought next time, I will move my bid up to £3.05.

[leedskier] 08/5/2012 11:37

fozzie, it is London markets, added to which this is an AIM SETS share and easy to move about. It is not being shorted so much as traded down. Sell on the offer and buy back on the bid. Happened last year.

Add: According to this note, last Friday there were less than 2% of the shares on loan.

[fozzie] 08/5/2012 11:34

I would love you to tell me leedskier, v unhappy with share price performance here of late!

[leedskier] 08/5/2012 11:27

When I looked at the screen and saw the price action and the RNS flag, I assumed there was some disaster. No, just notification that the adviser is now trading under the name of the parent company following the take-over of Evolution. So why has this 'safe' share been knocked down nearly 10% in two sessions?

[johnmcd51] 08/5/2012 10:47

3 tugs sailed, just like the SP,I have 6 stocks all RED, RED, RED,RED,RED,RED. Hope they can bring back good news

[steelwatch] 07/5/2012 12:20

The 3 tugs have all sailed this morning. See links above.

[steelwatch] 04/5/2012 15:39

Two views from the PMO thread. (Please note: I cannot vouch for these).

robochubby 3 May'12 - 16:30 - 3027 of 3033

...My hopes are with Carnaby, 90% COS quote from Paul Young the EO. geophyscist...

cashandcard 4 May'12 - 15:10 - 3030 of 3033

...Remember 15-20days drilling at Catcher area so end of May early June we should have a result....

[steelwatch] 04/5/2012 15:12

At 2pm on 1 May 2012 the Department of Energy and Climate Change (DECC) closed the bid submission for the 27th licensing round. With an estimated 20bnboe recoverable left on the UK Continental Shelf, there is still significant upside available to the oil and gas companies involved in the UK and to the shareholders that invest in them. Over the last decade we have seen a gradual decline in the amount of integrated oil company (IOC) activity in the North Sea, which is being replaced by small-/mid-cap public and private companies.

[steelwatch] 04/5/2012 14:55

ADTI has 3 AHTS lined up to start lifting anchors Monday:

[steelwatch] 03/5/2012 23:01

Premier say "moderate risk" targeting a gross prospective resource estimate of 15-30-50 mmbo (Tay reservoir).

[pigeon1] 03/5/2012 22:50

ok thanks
so its not huge for npe but a change of sentiment would be most welcome!

[steelwatch] 03/5/2012 22:38

No idea what the cos is, but Nautical say

Targeted Prospective resources: - 25mmbo gross - 3.7mmbo net to Nautical

Hope Premier break their bad run of exploration duds of late...

[pigeon1] 03/5/2012 22:32

thanks Steel

how do you fancy this carnaby well steel? Whats the size and any idea what its worth to NPE?

[steelwatch] 03/5/2012 22:27

pigeon - we shall have to wait for guidance when the well spuds as there may possibly be sidetrack on to test for the Burgman owc. A possible return after Coaster (no NPE involvement) was muted to drill Bonneville.

[pigeon1] 03/5/2012 22:12

What will Carnaby be - 25/30 day drill?

[loglorry1] 03/5/2012 10:49

NO Stingray is not it is PMO operated. However Carnaby is part of Catcher which NPE have a share of.

[johnmcd51] 03/5/2012 10:43

MMMM, Is the Stingray on one of NPE's fields, does this relate to the drop in share price this morning do you think?

[steelwatch] 03/5/2012 07:51

PREMIER OIL plc
("Premier" or "the Company")
UK Exploration Drilling Update
3 May 2012

Premier announces that the Stingray Exploration well (15/13b-11) drilled on Licence P1212 (Block 15/13b) has reached a total depth of 2,129 metres and is being plugged and abandoned as a dry hole (Premier 50 per cent).

The next exploration well to be drilled by Premier in the UK North Sea is the Carnaby well on the Catcher acreage (UK Block 28/9) which Premier expects to spud towards the end of next week. The Sedco 711 rig will then drill the Premier-operated Coaster prospect on the adjacent block to Carnaby (UK Block 28/10a).

[steelwatch] 30/4/2012 19:23

Interesting! From Awilco Drillings Annual Report:

"Willhunter's contract with Nautical Petroleum was completed in October 2011. However, a dispute has arisen whereby Nautical has withheld payment of US$4 million in respect of duly approved invoices. In January 2012, the company filed a claim in the English Courts for recovery of these funds. Nautical Petroleum has subsequently submitted a counterclaim. The Company believes that Nautical's actions and claims are without merit and is vigorously contesting them and pursuing collection of the outstanding amounts."

Must be something to do with late delivery or downtime for repairs I guess. Clearly, there were a number of issues with the rig involving protracted mobilisation and drilling time.

[oilretire] 26/4/2012 20:57

On the 12th they expected the 711 to be handed on by the 5th May. The updated Kingfisher today has no extension to that, so no more issues at Orchid (yet)

page 16



Drilling Operations – Carnaby 28/09 (Update 12-04-2012)
Drilling Rig/Ship Start Date Finish Date Installation Name/ Well No Position
Transocean Sedco 711 05-05-2012 03-06-2012 Carnaby 28/09 56°45.015'N 000°36.839'E
For further information, please contact: Gail Constable, ADTI, Tel:[phone], email: [e-mail]
Drilling Operations – Orchid 29/1c- I (Update 12-04-2012)
Drilling Rig/Ship Start Date Finish Date Installation Name/ Well No Position
Transocean Sedco 711 19-02-2012 05-05-2012 Orchid 29/1c-I 56°59.491'N 001°05.682'E
For further information, please contact: Gail Constable, ADTI, Tel:[phone], email: [e-mail]

[steelwatch] 26/4/2012 14:18

EnQuest again ups its stake in Kraken field - UPDATE
2:03 pm by Jamie Ashcroft

---Adds broker comments---

EnQuest (LON:ENQ) today revealed that it is again increasing its stake in the Kraken oil discovery in the UK North Sea.

It is buying 15 per cent of the project from venture partner First Oil, paying between US$90 and US$144 million.

This is EnQuest's third transaction relating to Kraken and it will take its total interest to 60 per cent.

The deal is another sign of EnQuest's enthusiasm and determination to take Kraken to first oil, analysts say.

The deal metrics are the same the deal in January withNautical Petroleum (LON:NPE), in which EnQuest'scost per barrel was US$6 (before tax effects).

First Oil will receive the payment in cash but it is being differed. The ultimate amount payable by EnQuest will be determined by the Kraken field's future 2P oil reserves – with the US$144 million maximum payable should reserves exceed 166 million barrels.

Kraken is currently estimated to contain 167 million barrels of oil, following an independent assessment last month.

"Overall this looks like a sensible deal that should take net production to over 60,000 barrels per day in 2016," Oriel Securities analyst Nick Copeman said in a note to clients.

"We note that EnQuest already have a technical team working this project and have financing in place."

EnQuest first entered the Kraken venture with a US$90 million deal buying a 20 per cent stake from a minor partner. It later agreed a worth as much as US$240 million to buy a further 25 per cent stake in Kraken from Nautical.

It is now the operator and majority stakeholder in the oilfield development project. Nautical has a 25 per cent in the venture, while First Oil retains 15 per cent.

"EnQuest is pleased to increase further its interest in Kraken, we are enthusiastic about its potential," said chief executive Amjad Bseisu.

He adds: "EnQuest's execution team is now leading this development and is taking on operatorship earlier than previously planned; we are combining forces with partners with deep expertise in this project.

"EnQuest is moving forward one of the most exciting development projects in the UK North Sea."

Westhouse Securities' Andrew Matharu highlighted the positive read across for AIM quoted JV partner Nautical.

"Given that FDP submission is expected in late 2012 the read-across for Nautical Petroleum should be taken as a positive," he said in a note.

"Nautical Petroleum's equity discount for its exposure to heavy oil is rightly evaporating."

He adds: "Nautical Petroleum is now one of the most attractive, proven plays on the AIM oil & gas market with a lowered exposure to heavy oil, potential upside from the greater Catcher area drilling programme in 2012, and balance sheet cash of c£70 million."

Matharu says Nautical should become an attractive bid target to a serial consolidation of pre-development resources.

He has a 'Strong buy' recommendation with a 550p target price which is nearly 70 per cent higher than the current share price of 326.75p.

[steelwatch] 26/4/2012 10:08

Steve - Enquest have stated that, whilst the latest reserves report from Nautical is encouraging, they will wait for development drilling to prove up the reserves. It looks like ENQ are taking operatorship earlier than expected following today's announcement, but subject to DECC approval.

[steve73] 26/4/2012 09:34

I thought they'd only recently converted some of Krakens resources into P2 reserves - over 160 mmb IIRC.

Are we still operator for Kraken, or do we have to pass that on to Enquest now that they're the major equity holder there?