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Wednesday 10th of March 2010
16/5/2008

Nautical reports farm out agreement

Story link: Nautical reports farm out agreement by Jo Black
Nautical reports farm out agreement

Nautical Petroleum plc has entered into a farm out agreement with Canamens Energy North Sea Limited (Canamens) whereby Canamens will acquire a 30% interest in the North Sea Block 8/25a.

Under the terms of the agreement, Canamens will fund their ongoing 30% interest of the current well plus a portion of Nautical’s costs.

The farm out terms provide for a $20 million cap on the Selkie well expenses against a current estimate of $16 million.

Following the completion of the farm out Nautical will retain a 30% interest and Celtic Oil Limited (wholly owned by SK Energy) will retain a 40% interest. On completion of the well, and subject to partner and BERR approval, Canamens will take on operator responsibility for Block 8/25a.

Source : http://www.nauticalpetroleum.com/

 

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