Companies: NPE   

The Mermaid field in the North Sea is living up to its name. Nautical Petroleum’s latest well there found a mermaid’s paradise but, sadly, no oil. The cost of the well, £1.5 million, will now be written off. Despite the positive news from the previous drilling, on Kraken, this was enough to send the shares down from their recent 12.5p high to 9.5p at one time. They finished the week at 11.25p. That compares with a recommendation level here in September of 10p. With further drilling to come on the Grenade find in January and North Sea block 8/25 in the spring, Nautical remains a hold.

Nautical Petroleum	AIM	£17.12m	27.00p	2.25p
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Other company articles:
Exploration Insights by Robert Tyerman			03/11/2008
Nautical looks for deals			16/10/2008
Nautical waits on Grenade-3			18/01/2008
Nautical hits water, not oil			14/12/2007
Nautical pulls off clever funding deal			02/11/2007