Nautical Petroleum, the North Sea-focused heavy-oil specialist, said yesterday the year to June 30 and the months since had been outstanding.
It said operational highlights of the year had included major light-oil discoveries at Catcher and Catcher East, selection of a preferred development concept for Mariner, and a robust economic case identified for the development of Kraken.
Chief executive Steve Jenkins said: “Core technical work has laid the foundation for a period of stunning successes with the drill bit. This, combined with a share placing and the partial sale of Mariner, has significantly strengthened the company.”
After the year-end, Nautical raised £28.8million after expenses in a share placing and sold off 20.66% of Mariner for £87.5million to Statoil, retaining a 6% interest.
Chairman John Conlin said: “The coming 12 to 18 months will dictate the shape of Nautical for the medium term.
“Market sentiment is rightly very positive as the spectacular performance of our share price illustrates and we continue to receive positive signals that project financing will be available to us to allow us to develop our assets.
“That position has been significantly enhanced by the Mariner transaction.
“Nevertheless, the optimum shape of our development portfolio remains open and will receive focused consideration at a strategic level over the coming months as the scope, timing and costs of our three core assets crystallise.”
Mr Conlin said it had been a fascinating challenge to steer Nautical through such a transformational period but he added that, for personal reasons, he had advised the board of his wish to step down as chairman and a member of the board.
The chairman said: “I will leave the board following the annual meeting in November.
“The future of the company looks very promising.”
Shares, which have shot up from 50p at the end of May, closed up 2% yesterday at 370.25p.
Nautical reported pre-tax losses of £2.47million yesterday for the year following a £6.64million deficit the year before. It has no income from production so far but had cash in hand of £11.5million at June 30.
Ithaca Energy has named Fergus McGhie as project delivery manager for the development of the Stella, Harrier and Hurricane discoveries in the UK central North Sea.
He joins the company from Shell UK, where he was central and northern North Sea project portfolio manager with overall responsibility for delivery of the group’s major integrated capital expenditure projects through to first production.