25 May 2012

Nautical Petroleum

REDUCE

16/12/2010 Robert Tyerman

North Sea-focused Nautical Petroleum is poised for imminent drilling at Block 28/9 in the UK sector. The AIM-quoted company, which recently sold most of its stake in another North Sea discovery, Mariner, for £87.5m to Norwegian energy giant Statoil, has been building a portfolio of existing discoveries and exploration prospects in both heavy and light oils.

Floated at 40p in 2002, Nautical shares hit 315p four years later before crashing later on to below its float price. Growth Company Investor highlighted them at 37.5p in late 2008 and suggested partial profit taking at 371p two months ago.

Now at 375p further profit taking might be prudent so we retain our advice to reduce.

Tags: AIM market, Exploration, North Sea

Sector: Oil & Gas Producers

Companies: Nautical Petroleum

Market cap: £324.5m

PE Forecast: n/a

Share price: 375p

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