NAUTICAL Petroleum, the Aim-listed heavy-oil explorer, said yesterday it had raised £30.35million in a share placing to help fund its planned activity until the end of 2011.
This will include three exploration wells to be drilled this year on the highly prospective Catcher block 28/9 in the UK central North Sea, where oil discoveries have already been made, and the preparation of a field-development plan (FDP).
Partners in Catcher are operator EnCore (15%), Nautical (15%), Premier Oil (35%), Wintershall (20%) and Agora Oil and Gas (15%).
Other plans for Nautical are an appraisal/exploration well to be drilled this year on its operated Kraken discovery south-east of Shetland, where it has a 35% stake, and FDP preparation, plus progression to project sanction and FDP submission in 2011 on the Statoil-operated Mariner find, also south-east of Shetland, in which Nautical holds 26.67%.
It said the decision to raise funds at this time followed the recent Catcher discoveries. Nautical also said the assets in which the funds would be invested had a management estimated value of about £356million.