Published On: Tue, Mar 27th, 2012

Nautical Petroleum upgrades Kraken oil resources into reserves

Nautical Petroleum upgrades Kraken oil resources into reserves

Nautical Petroleum upgrades Kraken oil resources into reserves

Nautical Petroleum (LON:NPE) today reported an upgrade of oil resources into reserves for the Kraken project in the North Sea. This result comes from an independent assessment of Kraken following last year’s successful appraisal well, which proved commercial flow rates.

The field is now believed to contain 89 million barrels of proved reserves (1P), 167 million barrels of proved and probable reserves (2P) and 273 million barrels of proved, probable and possible reserves (3P).

Nautical has a 25 per cent stake in Kraken and as such it now has attributable net 2P reserves of 42 million barrels of oil. “I am delighted that this independent opinion has endorsed our internal view of the reservoir and re-classified all the substantial resources in Kraken to reserves,” said chief executive Steve Jenkins.

“We continue to make excellent progress towards the submission of the Field Development Plan, leading to first oil in 2015.”

Source : proactiveinvestors.co.uk