Nautical Petroleum reports rig deal for Catcher drilling
12 March 2010
Exploration and production group Nautical Petroleum this morning reported that a rig agreement had been signed in connection with forthcoming drilling work on the Catcher prospect in the UK North Sea.
Catcher is operated by another AIM listed E&P group EnCore Oil and the new well is expected to spud in May 2010. Nautical has a 15% stake in the well, although much of its costs are being carried by its partner Premier Oil. Premier inherited an interest in Catcher as part of its acquisition of Oilexco North Sea in May last year.
The Tertiary (Paleocene) Catcher prospect lies UK Central North Sea block 28/9. In January, a seabed survey was completed which determined that the well can be drilled using a heavy duty jack-up rig. Following the letter of agreement signed in December, the rig agreement has now been signed for the Transocean Galaxy II jack-up rig.
Steve Jenkins, the chief executive of Nautical said: “Catcher represents our first significant exploration activity in 2010. The block contains numerous stratigraphic leads and prospects at the Paleocene, Eocene and the Jurassic levels. Recent 3D reprocessed and interpreted seismic has defined traps and revealed several seismic anomalies. The upcoming well will target the strongest and most convincing of those leads, where a seismic amplitude anomaly indicates a thick sand sequence, which is likely to be oil bearing.”
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