Nautical announces 9/2b-3 well results

Preliminary analysis of the log data for well 9/2b-3 indicates the absence of sandstone at this location, according to Nautical Petroleum.

Offshore staff

LONDON -- Preliminary analysis of the log data for well 9/2b-3 indicates the absence of sandstone at this location, according to Nautical Petroleum.

The well was on the extreme north eastern flank of the mapped structure with the purpose of confirming the oil-water contact and of proving upside (P10) resources.

According to the company, the results do not diminish the opportunity for development of the already substantial reserves in the core, south and west areas of the Kraken discovery, proven by the first two wells (9/2-1 and 9/2b-2), which encountered oil of improving quality.

Therefore, the best estimate for the contingent resources in the core area defined by the discovery wells will be largely unaffected by this result since lateral variations in the Heimdal sand thickness were already allowed for in the estimate, the company says. The Heimdal sands exist widely and have oil shows over the area, being present in Bressay and in Bentley.

Nautical will now focus on appraising the core, south, and west areas still with the aim submitting a field development plan in 2009 and achieving first oil in 2012.

10/10/2008

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