Nautical Petroleum plc

('Nautical' or 'the Company')

Acquisition

Nautical Petroleum plc (AIM: NPE) the developer of heavy oil assets on the UKCS and in Europe today announces that Alba Resources Limited, a wholly owned subsidiary of Nautical, has acquired from Egdon Resources UK Limited a 10% working interest in the Onshore Licence PEDL005 (Remainder) known as the Keddington Field with associated plant and machinery for the consideration of £260,000.

This acquisition provides Nautical with its first production (of approximately 5 bopd net to Nautical) and supports its ongoing strategy of developing onshore assets in Europe. The crude oil from Keddington is a light waxy oil of approximately 38 degrees API. The acquisition is part of Nautical's strategy to access development and near-producing assets to complement its medium term cornerstone projects of Kraken and Mariner. 

Nautical is committed to developing this strategy through licence applications and acquisitions without recourse to shareholders for new capital.

Commenting on the transaction Steve Jenkins Chief Executive Officer of Nautical said:

'This is a small but significant step in the development of Nautical giving us access to our first production and cash flows. We already have a good working relationship with Egdon in France and regard them as a very competent onshore operator.'

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