Nautical Petroleum to acquire 25% stake in UK North Sea block
Nautical Petroleum has signed an agreement with First Oil Expro to acquire a 25% interest in the UK petroleum exploration and development licence P1756 in the North Sea Block 3/27a.
The company has exercised an option to farm-in to the block and was previously the operator of this block which contains the Hydra prospect.
The licence commitment, which will be completed by 10 January 2015, is the acquisition of 250km of 2D and 100 sq km of 3D seismic plus a well to be drilled at the discretion of the participants.
The interest acquisition is subject to completion of due diligence and approval by the UK Department of Energy and Climate Change.
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