Nautilus Marine Services PLC Intent to Divest Colombian Oil & Gas Properties (9365N)

TIDMNAUT

RNS Number : 9365N

Nautilus Marine Services PLC

24 January 2019

 
   24 January 2019 
 

NAUTILUS MARINE SERVICES PLC

("Nautilus" or the "Company")

NOTICE OF INTENT TO DIVEST COLOMBIAN OIL AND GAS PROPERTIES

Nautilus Marine Services PLC (AIM: NAUT), announces today that the Company intends to increase its efforts toward the near-term divestiture of the Company's oil and gas assets located in Colombia in response to escalating interest being expressed by multiple parties during late 2018.

As previously stated in the Company's 2018 Interim Report, the Company began evaluating divestment and strategic partnering opportunities for its oil and gas assets, which consist of the Bolivar and Bocachico contract areas within the Middle Magdalena Valley Basin of Colombia during the prior year.

Following these initial evaluations, the Board and management team at Nautilus believe the sale of the Company's assets in the Middle Magdalena Basin presents a significant opportunity to realise cash value from these non-strategic assets while eliminating the associated annual operating costs and future abandonment obligations.

It should be noted that these efforts toward a near-term divestiture may not result in an acceptable transaction being identified or completed at this time. In this event, the Company would continue to operate its oil and gas assets in accordance with its previously-communicated plans, with a focus on maintaining contractual and environmental compliance at both fields.

Enquiries:

 
 Nautilus Marine Services PLC 
 [e-mail] 
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 www.nautilusmarineplc.com 
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 finnCap Ltd 
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 Christopher Raggett/ Kate Bannatyne    020 7220 0500 
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 Yellow Jersey 
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                                        [phone] 
 Tim Thompson/ Henry Wilkinson           649 
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The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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January 24, 2019 02:00 ET (07:00 GMT)