(NPE) Nautical Petroleum
Summary
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| Fri 09:13 | RNS |
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RNS Number : 7553W Nautical Petroleum PLC 03 February 2012
Nautical Petroleum plc
("Nautical" or the "Company")
Grant of Options and Directors' Shareholdings
Nautical Petroleum plc (AIM: NPE) announces that on 2 February 2012 the Board approved the grant of 632,500 options over ordinary shares of the Company to the directors and key employees of the Company.
The share options granted to directors are as follows:
Stephen Jenkins 150,000 Paul Jennings 125,000 William Mathers 100,000 Philip Dimmock 35,000 Patrick Kennedy 35,000
The options are to subscribe for new ordinary shares in the Company and the exercise price is 323.25 pence per ordinary share, being the closing price of the shares on 2 February 2012. The options have been granted for nil consideration.
One third of the options will vest on the first anniversary of the date of grant with the balance vesting in four equal tranches every six months thereafter. The grants will be fully vested on the third anniversary of the date of grant. All share options must be exercised on or before 2 February 2020, failing which they will lapse.
After granting the above share options the beneficial and other interests of the directors and their families in the shares of the Company at 3 February 2012 are:
S. Jenkins and P. Jennings hold part of their shareholding with TD Waterhouse Nominees (Europe).
Following the grant of the above options, the share capital of the Company comprises 87,745,179 ordinary shares, with voting rights, plus 4,377,500 options over ordinary shares.
For further information please contact:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| Thu 08:37 | RNS |
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RNS Number : 6711W Nautical Petroleum PLC 02 February 2012
Nautical Petroleum plc
("Nautical" or the "Company")
Acquisition of 25% Interest in North Sea Block 3/27a
Nautical Petroleum plc (AIM: NPE) announces it has entered into an agreement with First Oil Expro Limited to acquire a 25% interest in UK Petroleum Exploration and Development Licence P1756, North Sea Block 3/27a, which contains the Hydra prospect.
Nautical was previously the operator of Block 3/27a, and has exercised an option to farm-in to the block with First Oil Expo Limited.
The licence commitment, to be completed by 10 January 2015, is the acquisition of 250km of 2D and 100km2 of 3D seismic plus a well to be drilled at the discretion of the participants.
First Oil Expro Limited, the operator, currently hold a 100% interest in P1756. The transfer of interest is subject to completion of due diligence and approval by the Department of Energy and Climate Change.
Steve Jenkins, Nautical Chief Executive Officer, commented:
"We are delighted to be returning to this block. We have extensive knowledge of it and look forward to further investigating, with First Oil Expro, its prospectivity at both the Tertiary and Jurassic levels,"
For further information please contact:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 24-01-12 | RNS |
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RNS Number : 0610W EnQuest PLC 24 January 2012
24 January 2012
EnQuest acquires a further 25% of the Kraken discovery
EnQuest PLC ('EnQuest') today announces that it has agreed with Nautical Petroleum plc ('Nautical') to acquire a 25% interest in the Kraken oil discovery, together with interests in surrounding exploration acreage. This agreement, by which EnQuest will also become the operator of the proposed development of Kraken, is subject to the normal regulatory and partner consents.
EnQuest will pay Nautical between $150 million and $240 million, by way of a development carry arrangement in relation to Nautical's remaining interest in Kraken. EnQuest's cash payments will be deferred and EnQuest will be entitled to receive the capital tax allowances normally available for investment in such a development project. EnQuest will acquire a 25% interest in blocks 9/2b and 9/2c, including the Kraken discovery, for which Nautical estimates a gross contingent resource of 160 MMboe. The amount payable by EnQuest is dependent on a future determination of the gross 2P reserves in Kraken, which will take place sometime after the start of the Field Development Plan drilling phase. If the determination is less than 100 MMboe, EnQuest will only pay $150 million, by way of development carry. If the determination is less than 166 MMboe, but more than 100 MMboe, then the amount of the development carry will be increased by up to a further $90 million, calculated on a linear pro-rata basis. EnQuest will pay the maximum of $240 million if the future determination of gross 2P reserves is greater than 166 MMboe.
EnQuest will also acquire surrounding exploration acreage, with a 15% interest in blocks 3/22a and 3/26 and a 10% interest in blocks 9/6a and 9/7b. The transaction further provides EnQuest with the option to earn a 45% farm-in interest in block 9/1a, in return for paying up to 90% of the gross cost of drilling up to two wells to appraise the Ketos discovery. EnQuest's liability to carry Nautical's costs for the first well is capped at 45% of $15 million gross well cost and, for the second well which is contingent on the success of the first well, capped at 45% of $20 million gross well cost. Ketos has the potential to be tied back to the Kraken field.
Amjad Bseisu, Chief Executive of EnQuest, said: "EnQuest is very pleased to be able to increase its interest in Kraken and to become the future operator of the proposed development. Based on the operator's estimates, this 25% interest in Kraken provides 40 MMboe of contingent resources, which when combined with the 32 MMboe of contingent resources from the 20% interest that EnQuest acquired earlier this month from Canamens, adds almost 70% to EnQuest's end 2010 contingent resources. The purchase cost per contingent barrel is $6/bbl before tax effects and approximately $2.40/bbl post tax effects. This latest transaction also gives us further potential upside from the surrounding exploration opportunities and an agreed farm-in to the Ketos discovery which we will jointly appraise with Nautical.
With EnQuest's integrated project development capabilities, our execution team will take the project forward and lead the development, subject to approval of the Field Development Plan. With Nautical's background and deep expertise in this project, EnQuest is keen to combine forces and to jointly move forward what we believe to be one of the most exciting development projects in the UK North Sea."
Further information: Kraken is a large heavy oil accumulation in the UK North Sea, located in the East Shetland basin, to the west of the North Viking Graben. It is being progressed to development following successful appraisal and well test results. Kraken Field Development Plan ('FDP') approval is anticipated in H2 2012. The remaining 30% interest in Kraken is held by First Oil.
Subject to partner agreement, operatorship of Kraken will transfer to EnQuest no later than the date of the FDP submission for Kraken. Prior to this transfer, a joint project team will be formed to ensure joint control and facilitate transfer arrangements.
EnQuest anticipates being able to fund its share (including the carry) of the development with its own resources.
Following this transaction EnQuest will have a 45% interest in blocks 9/2b, 9/2c, 9/6a and 9/7b, and a 55% interest in blocks 3/22a and 3/26. In addition EnQuest will have a 45% interest in block 9/1a, subject to exercising the option to farm-in.
ENDS
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900 Michael Waring (Head of Communications & Investor Relations)
RLM Finsbury Tel: +44 (0)20 7251 3801 James Murgatroyd Conor McClafferty Dorothy Burwell
Conference Call
A conference call will be held for investors and analysts at 11:30 AM London time, on the following dial in numbers:
Telephone Numbers: +44 (0)20 7136 2051 UK Local +1 212 444 0481 USA Local
Notes to editors EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. It is a constituent of the FTSE 250 index and OMX Nordix index. Its assets include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest producing fields and the Alma and Galia development. At the end of the first half of 2011, EnQuest had interests in 20 production licences covering 25 blocks or part blocks in the UKCS, of which 18 licences are operated by EnQuest.
EnQuest believes that the UKCS represents a significant hydrocarbon basin in a low-risk region, which continues to benefit from an extensive installed infrastructure base and skilled labour. EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities.
Forward looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectation and plans, strategy, management's objectives, future performance, production, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this presentation should be construed as a profit forecast. Past share performance cannot be relied on as a guide to future performance. This information is provided by RNS The company news service from the London Stock Exchange More |
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| 24-01-12 | RNS |
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RNS Number : 0608W Nautical Petroleum PLC 24 January 2012
Nautical Petroleum plc
("Nautical" or the "Company")
Sale of 25% of Kraken to EnQuest PLC for carry of up to $240 million Nautical Petroleum plc (LSE:NPE) is pleased to announce that it has agreed with EnQuest PLC (EnQuest) to divest a 25% interest in United Kingdom Petroleum Production Licence P1077, North Sea Blocks 9/2b & 9/2c, which contain the Kraken discovery. In consideration for the transaction Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, consisting of 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 of the gross 2P reserves in Blocks 9/2b & 9/2c by a competent person, as follows:
The reserve determination will take place during the development drilling phase. The current estimate of 2C Resources for the Kraken field is 160mmbo, which is supported by an Independent Resource Opinion provided by Gaffney Cline & Associates on 15 July 2011, prior to the successful 9/02b-5z well test.
Whilst not part of this agreement with EnQuest, Nautical remains entitled to receive from Canamens North Sea Energy Limited an additional $5 million bonus upon Field Development Plan approval and payments totalling £7 million ($10 million) relating to sole risk activity on the 9/02b-4 and 4z wells.
Subject to the approval of the joint venture partners and the Department of Energy and Climate Change (DECC), EnQuest will become the operator of Blocks 9/2b & 9/2c. In addition to the disposal of a 25% interest in Kraken, Nautical will also divest to EnQuest interests in exploration blocks in the Greater Kraken area as follows:
The transfers of interest are subject to approval by joint venture partners and DECC. Following completion, Nautical's holding will be as follows:
The transaction also provides EnQuest with the option to earn a 45% farm-in interest in Nautical's wholly owned Block 9/1a, which contains the Ketos discovery, in return for paying up to 90% of the gross cost of drilling up to two wells to the appraise the discovery. EnQuest's liability to carry Nautical's costs for the first well is capped at 45% of $15 million gross well cost. For the second well, which is contingent on the success of the first well, the carry is capped at 45% of $20 million gross well cost.
Steve Jenkins, Nautical Chief Executive Officer, commented:
"I am delighted to welcome EnQuest, as partners, strengthening the joint venture both technically and financially. This transaction provides Nautical with a carry of up to $240 million on our remaining 25% interest in Kraken, significantly mitigating our funding requirements for the development of the field. The Nautical team has made excellent progress towards the development of the Kraken accumulation. We are currently carrying out concept selection (pre-FEED) studies and are in discussions with contractors to provide a leased FPSO. We now look forward with confidence as we move toward Field Development Plan approval in Q4, 2012 and first oil in 2015."
For further information please contact:
This announcement has been approved for issue by Steve Jenkins, Chief Executive Officer of Nautical Petroleum plc. Mr. Jenkins, who is a "qualified person" for the purposes of AIM's Note for Mining and Oil & gas Companies (June 2009), is a qualified Geologist with more than 28 years' experience, having a BSC Hons from Queens University (Belfast) and MSC in Petroleum Geology from Imperial College (London) and is a Fellow of the Geological Society.
This information is provided by RNS The company news service from the London Stock Exchange More |
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February 07, 2012
Nautical Petroleums Deal on Kraken Should See It Carried Into Production With A 25 Per Cent Holding http://bit.ly/xY6Z0X |
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Davey told top priority is oil and gas policy
Politics: New energy secretary must avoid any more shocks for sector calum.ross | 04/02/2012 http://bit.ly/yHXPFz |
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They have not been approved or issued by Interactive Investor Trading Limited.
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