Nautical Petroleum to acquire interests in UK onshore licenses

The company will acquire 15% interests in the petroleum exploration and development licenses (PEDLs) 118 and 203.

PEDL203 contains the Kirklington-3z producing well which was drilled in 2010 and produced at rates of 15-20 barrels of oil per day (bopd).

The contiguous PEDL118 includes the abandoned Eakring-Dukes Wood oil field where the Dukes Wood-1 well was drilled and tested last year, with the Ashover Grit AG4 reservoir interval producing at rates of around 20bopd.

Nautical Petroleum will pay a cash sum of £200,000 on completion and £150,000 towards Egdon’s costs of the next well to be drilled on either PEDL118 or PEDL203.

The transaction is subject to, amongst other things, the UK Department of Energy and Climate Change approval.

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