Since Nautical Petroleum (LON:NPE) have just announced a new deal which doesnt fit with any of the existing threads, time for a new one to focus on anything else they are doing in new areas:
The new Deal is:
Farmin for Northern Ireland Licence
Nautical Petroleum plc (LSE: NPE) is pleased to announce that it has acquired a 20 per cent. equity interest in Licence PL1/10 over the Central Larne-Lough Neagh Basin, onshore Northern Ireland, operated by InfraStrata plc ("InfraStrata").
The Central Larne-Lough Neagh Basin is covered by Tertiary basalts that are up to 600 metres thick. In partnership with InfraStrata, Nautical will be applying recently developed seismic acquisition and processing techniques utilised in exploration below thick basalt sequences to delineate prospects. Although there is sparse or no seismic coverage over the licence area the Company believes that there is a thick prospective sedimentary section across the basin with two leads identified so far.
In return for a 20 per cent. equity stake, Nautical will fund its share of costs for a seismic acquisition programme during 2011 together with a portion of InfraStrata's seismic costs. The seismic programme aims to identify a suitable drilling target for an exploration well, with a drill-or-drop decision required within three years. Under the terms of the farmin agreement, Nautical is required to pay a portion of InfraStrata's costs towards the exploration well in the event that such well is successful.
For further information on the Central Larne-Lough Neagh Basin please refer to the InfraStrata website: www.infrastrata.co.uk.
