RNS Number : 0912I
Nautical Petroleum PLC
13 November 2008
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For immediate release
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13 November 2008
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Nautical Petroleum plc
('Nautical' or 'the Company')
Drilling Update
Nautical Petroleum (AIM:NPE), the independent exploration and production company focused on the development of heavy oil assets in the UK and Europe, today announces that the planned drilling of the Hydra prospect has been postponed until 2009 due to bad weather in the North Sea and the high standby costs that Nautical would incur if the Company held the rig until drilling could commence. As a consequence of the bad weather, the partnership made the decision to move the rig to the east of the Shetland Islands and then the rig was demobilised.
For further information please contact:
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Nautical Petroleum plc
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020 7550 4890
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Steve Jenkins, Chief Executive Officer
Paul Jennings, Commercial Director
Will Mathers, Finance Director
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Buchanan Communications
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020 7466 5000
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Ben Willey
Ben Romney
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KBC Peel Hunt Ltd, Nominated Advisor and Broker
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020 7418 8900
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Jonathan Marren
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Matt Goode
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This information is provided by RNS
The company news service from the London Stock Exchange
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