UK: Nautical Acquires Additional Stake in Licence P1077

Nautical Petroleum plc  announced on Friday the completion of the acquisition of an additional 15% interest in UKCS Licence P1077 Blocks 9/2b and 9/2c (the “Licence), which includes the Kraken discovery, from Canamens Energy North Sea Limited.

The transaction has received approval from the Department of Energy and Climate Change and joint venture partners. The effective completion date of the transaction is 18 May 2011.

Nautical now has a 50% interest in the Licence.

[mappress]

Source: Nautical Petroleum, May 23, 2011;