AIM listed Nautical Petroleum plc, the specialised developer of heavy oil assets in the UK and Europe, announces an update on 2 licence applications in France. Nautical has a 20% interest in the Gex and Pontenx Permits, of which Egdon Resources plc is operator with a 40% interest and Eagle Energy Limited holds the remaining 40% interest.
The Gex Permit covers an area of 932 square kilometres and is located in Eastern France near the Swiss border. This permit will have a five year duration and the initial two year work programme will comprise the reprocessing and interpretation of the existing seismic data and detailed geographical studies. The Gex Permit application is proceeding to the final stages of approval through the French system with formal award expected in late 2008 or early 2009.
The Pontenx Permit is located in South West France on the southern margins of the Parentis Basin, an oil productive region on the west coast of France, and covers an area of 313 square kilometres. This licence contains the abandoned Mimizan Nord heavy oil field and a number of other high potential prospects with good oil shows and tests. The Pontenx Permit is to be considered by the French General Council of Mines during September. Assuming ratification, formal award of the licence will follow later in 2008 or early 2009
The licence will have a four year term and the initial two year programme will comprise the reprocessing and interpretation of the existing seismic data, a review of the rejuvenation potential of the Mimizan Nord field and detailed geographical studies.
As operator of both permits, Egdon Resources has today released a more detailed announcement providing further information on the application and prospects of each licence.
Commenting on the two permits in France, Steve Jenkins Chief Executive of Nautical said:
“Nautical and our partners on the Gex and Pontenx Permits believe these two licences hold good exploration and appraisal opportunities along with the potential for field rejuvenation, we therefore believe that they fit well with the rest of Nautical’s portfolio. We will now eagerly await the licences to be formally awarded and look forward to working with our partners on these exciting prospects. ”