Nautical pursues French exploration licenses

Nautical Petroleum PLC hopes to secure final award of the Gex and Pontex exploration permits in France next year.

Aug 23rd, 2008

Uchenna Izundu
International Editor

LONDON, Aug. 23 -- Nautical Petroleum PLC hopes to secure final award of the Gex and Pontex exploration permits in France next year. It will join operator Egdon Resources PLC and Eagle Energy in the endeavour.

Steve Jenkins, chief executive of Nautical, said the licenses hold good exploration and appraisal opportunities along with the potential for field rejuvenation.

Gex, in Eastern France near the Swiss border, spans 932 sq km. The partners will reprocess and interpret existing seismic data and detailed geographical studies during the 2-year work program. The permit's duration is for 5 years.

"The Gex permit application is proceeding to the final stages of approval through the French system with formal award expected in late 2008 or early 2009," Nautical Petroleum said.

Pontenx is in southwest France on the southern margins of the Parentis basin, an oil productive region on the west coast of France. The permit covers 313 sq km.

"This license contains the abandoned Mimizan Nord heavy oil field and a number of other high potential prospects with good oil shows and tests," Nautical Petroleum said.

Under its initial 2-year work program, the companies will conduct detailed geographical studies of Mimizan Nord and reprocess and interpret existing seismic data and assess the rejuvenation potential of the permit. The license has a 4-year term.

The French General Council of Mines will evaluate the Pontenx permit during September. Assuming ratification, formal award of the license will follow later in 2008 or early 2009.

Egdon and Eagle Energy each have a 40% interest in the permits while Nautical Petroleum holds 20%.

Contact Uchenna Izundu at uchennai@pennwell.com.

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