Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Nautical looks for deals
Now claiming formal reserves of 23 million barrels, the London-based company, whose ‘cornerstone’ assets are the Mariner and Kraken fields, lost £4.5 million in the year to June, but, having raised £20 million at 10.5p in October 2007, ended the financial year with £20 million cash. AIM-quoted Nautical, steered by chairman Ian Williams and chief executive officer Steve Jenkins, says these funds are enough to take Kraken to production in 2012 at costs expected to be less than $30 a barrel.
That compares with a current market price of $74.5 a barrel for Brent Crude. Moreover, directors argue that the discount suffered by heavy crude, used for generator oils, bitumen and other purposes, has been narrowing from 15 per cent to nearly nothing because of falling production from traditional heavy oil sources, such as Venezuela.
Nautical says it intends to submit field development plans for Mariner and Kraken late next year and suggests it will not need to raise funds until final project approval in late 2009 or early 2010. Meanwhile, Jenkins indicates that Nautical, with reserves rising but no cash flow, is looking at potential acquisitions - ‘not only with cash’ - of companies with current production and rising cash flow but falling reserves.
Floated at 40p six years ago, Nautical, which hit 315p in 2006, now trades at 37.75p. This values the company at £24 million.
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