Nautical postpones Hydra prospect drilling

Nautical Petroleum has postponed the planned drilling of the Hydra prospect until 2009 due to bad weather in the North Sea and high standby costs that the company would incur if it held the rig until drilling could begin.

Offshore staff

LONDON -- Nautical Petroleum has postponed the planned drilling of the Hydra prospect until 2009 due to bad weather in the North Sea and high standby costs that the company would incur if it held the rig until drilling could begin.

As a result, the partnership made the decision to move and demobilize the rig.

11/13/2008

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