EnQuest Buys pct 25 of Interest in Kraken Discovery

Nautical Petroleum plc is announces 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 part.

[mappress]

Offshore Nieuws  Staff, March 19, 2012; Image:  Nautical Petroleum