Mar. 2013 - The Field Development Plan (FDP) for EnQuest's Kraken field is on track to be submitted for approval in 2Q 2013. Kraken is a large accumulation of heavy oil in the East Shetland Basin of the UK North Sea. It lies in block 9/2b of PL077 where EnQuest serves as operator. In 2013, the company expects to spend $75 million on Kraken pre-development activities. An appraisal well is planned for 2Q 2013 in order to provide more data for the main development.

Sep. 2012 - EnQuest will formally become operator of Blocks 9/2b and 9/2c with the completion of its acquisition of an additional 15 percent from First Oil. EnQuest's total stake in Kraken is now 60 percent.

Aug. 2012 - EnQuest reported that during the first half of 2012, the company has been working through the concept selection phase of the Kraken development, with significant technical facilities and subsurface work underway. New 3D seismic survey material has been acquired, with initial interpretation nearing completion. The project remains on track for FDP submission in 1H 2013.

Apr. 2012 - EnQuest has increased its interest in the Kraken oil discovery to 60 percent. It is buying 15 percent of the project from venture partner First Oil, paying between $90 million and $144 million. Kraken is currently estimated to contain 167 million barrels of oil, following an independent assessment in March. EnQuest is now the operator and majority stakeholder in the oil field. Nautical has a 25 percent stake in the venture, while First Oil retains 15%.

Jan. 2012 - Nautical Petroleum will divest a 25 percent stake in the Kraken discovery (Petroleum License P1077) to EnQuest. Subject to the approval of the joint venture partners and the Department of Energy and Climate Change (DECC), EnQuest will become the operator of blocks 9/2b & 9/2c. The deal will involve Nautical receiving a carry on in its future expenditure on the Kraken field of up to $240 million, consisting of $150 million firm carry and a contingent carry of up to $90 million. The value of the contingent carry will be calculated by reference to a determination of the gross 2P reserves in blocks 9/2b and 9/2c. The reserve determination will take place during the development drilling phase. In addition to the disposal of a 25 percent interest in Kraken, Nautical will also divest interests in exploration blocks in the Greater Kraken area. EnQuest will receive a 10 percent interest in the P1575 license (Blocks 9/6a and 9/7b) and a 15 percent interest in the P1573 and P1574 licenses (Blocks 3/22a and 3/26). Krakan spans Blocks 9/2b and 9/1a in the UK sector of the North Sea.

Jan. 2012 - EnQuest has agreed with Canamens Limited to acquire two of its companies, whose assets include a 20 percent stake in the Kraken oil discovery. EnQuest will pay an initial consideration of US $45 million dollars in cash and a further $45 million in cash, contingent upon approval of the Kraken field development plan by the Department of Energy and Climate Change. Through this transaction, EnQuest will acquire a 20 percent interest in Blocks 9/2b and 9/2c, including the Kraken discovery. Kraken is estimated to hold gross contingent resources of 160 MMboe for Block 9/2b and 9/2c. EnQuest also acquired further potential exploration upside in Blocks 3/22a and 3/29 and in Blocks 9/6a and 9/7b. Kraken is a large heavy oil accumulation in the UK North Sea, located in the East Shetland basin, to the west of the North Viking Graben. It is being progressed to the development stage. Kraken FDP approval is anticipated in H2 2012. The operator of Kraken, Nautical, has a 50 percent interest, with the remaining 30 percent interest held by First Oil.

Sep. 2011 - Nautical Petroleum has completed and tested the Kraken 9/02b-5Z horizontal well in the UK sector of the North Sea. The horizontal section of the well reached a total depth of 7,260 feet (2,213 meters). Preliminary log analysis indicates the source found a calculated net oil pay of 1,598 feet (487 meters), with average porosity of 38% and average oil saturation of 90%. The logs indicate a continuing reservoir interval with a maximum pay thickness along the horizontal section of 120 feet (37 meters) true vertical thickness. The complete estimated net pay was 1,287 feet (392 meters), which was then tested using an Electric Submersible Pump (ESP). Nautical placed the well on production and it cleaned-up at increasing flow rates for a total of 23 hours. The operator than performed a multi-rate test and the well flowed at a stable rate of 3,000 bbl/d for 12 hours and then 4,100 bbl/d for 11.5 hours. The maximum stabilized rate achieved was 4,550 bbl/d. Production rates were constrained by the surface testing facilities. Nautical said the oil gravity measured at 15 degree API. Down hole and surface oil samples were collected for analysis. Once operations are concluded, the well will be completed as a development well on the Kraken field. Krakan spans Blocks 9/2b and 9/1a in the UK sector of the North Sea. Nautical holds a 50% operating interest in Block 9/2b.

Aug. 2011 - Nautical Petroleum has hit pay in the Kraken 9/02b-5 pilot well in the UKCS North Sea Block 9/2b. The well encountered oil in the Heimdal III sandstone interval. The pilot well reached a total depth of 4,785 feet (1,458 meters) measured depth, with the top of the targeted Heimdal III reservoir encountered at 4,168 feet (1,270 meters) MD. The overall sand interval has a gross thickness of 145 feet (44 meters). Nautical stated that the well has exceeded pre-drill expectations, with a thicker net oil pay than expected. Preliminary log evaluation indicates a calculated net oil pay of 94 feet (29 meters) TVT, with an average porosity of 38% and an average oil saturation of 78%. Furthermore, the operator did not encounter an oil water contact at this location. Once drilling operations are completed at 9/02b-5, the operator will commence drilling of a horizontal sidetrack. Drilling should take up to 40 days. Krakan spans Blocks 9/2b and 9/1a in the UK sector of the North Sea. Nautical holds a 50% operating interest in Block 9/2b.

Jul. 2011 - Nautical Petroleum has spud well 9/02b-5 on the Kraken discovery on Block 9/2b in the North Sea. The operator is drilling the well, using the WilHunter semisub, to further evaluate the core area of the field and establish a commercial flow rate. Initially, a pilot well will be drilled, cored and logged, followed by a horizontal sidetrack of up to 1,969 feet (600 meters). A logging whilst drilling suite will then run over the horizontal section to provide further understanding of the reservoir quality and distribution. Upon drilling completions, the well will be suspended as a future development well. Drilling should last about 60 days. Krakan spans Block 9/2b and 9/1a in the UK sector of the North Sea. Nautical holds a 50% operating interest in Block 9/2b.

May. 2011 - Nautical Petroleum has acquired an additional 15% interest in the UKCS License PL077 Block 9/2b, which includes the Kraken discovery, from Canamens Energy North Sea Limited. Following consent from respective parties, Nautical will own a 50% interest in the license upon completion of the acquisition, and Carnamens' interest will reduce to 20%. In consideration for the acquisition, Nautical has agreed to fund Canamens' share of the remaining costs relating to the upcoming 9/02b-E appraisal well and a 3D seismic survey. The company has also agreed to waive US $11.4 million ($7 million GBP) of past costs owed by Canamens for the drilling of the 9/02b-4 well and 9/02b-4z sidetrack.

Mar. 2011 - Nautical Petroleum has signed a rig contract with Awilco Drilling Limited to perform drilling activities on the Kraken discovery in UKCS Block 9/2b. The WilHunter semisub will drill a horizontal appraisal well and perform a production test during the summer of 2011. The purpose of the well is to prove a commercial flow rate and gather further information on reservoir quality and distribution, within the core area of the field. If successful, the well will be suspended as a future development well. Krakan spans Block 9/2b and 9/1a in the UK sector of the North Sea. Nautical Petroleum operates Block 9/1a with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

Mar. 2011 - Nautical Petroleum announced that the Kraken accumulation in the North Sea holds between 635 million and 1.5 billion barrels of stock tank oil initially in place (STOIIP), which gives Nautical between 231 and 602 million barrels of oil STOIIP. The new estimate is based on the highly successful 9/02b-4 well and 9/02b-4z sidetrack, stated Nautical. The wells made additional reservoir penetrations which doubled the number of reference points from which to correlate the seismic data with well logs. "Using this information, a comprehensive study of rock physics attributes, followed by the application of seismic techniques such as color inversion, far offset and amplitude volumes, has resulted in a confident seismic interpretation," Nautical said. This summer, the company plans to acquire 3D seismic across Block 9/1a prior to drilling an appraisal well. Krakan spans Block 9/2b and 9/1a in the UK sector of the North Sea. Nautical Petroleum operates Block 9/1a with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

Dec. 2010 - Celtic Oil Limited, which did not participate in the Kraken 9/02b-4z exploration sidetrack, has bought back into the well by paying its share of the drilling costs. Under the terms of the agreement, a further payment will be due upon commencement of the field's development. Discovered in 1985, Kraken is situated on the UK sector of the North Sea on Block 9/2b. Nautical Petroleum operates the field with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

Sep. 2010 - The Kraken exploratory sidetrack well, 9/02b-4z, was drilled to a total depth of 5,552 feet (1,692 meters) by the Ocean Nomad semisub. The well encountered oil-bearing sands in both the Heimdal Unit III and Heimdal Unit I reservoirs. The top of the Heimdall III section, encountered at 4,417 feet (1,346 meters), has a true vertical net oil pay of 42 feet (13 meters). The Heimdal Unit I section has a true vertical net oil pay of 35 feet (11 meters). Logging data has indicated that average porosities in both units are very high and may exceed 40% with oil saturation of up to 90%. The Heimdal I reservoir has significantly higher net to gross and porosity than previously encountered in any Kraken well. Oil/water contact wasn't encountered in the Heimdal Unit III nor the Heimdal Unit I. Plugging and abandonment operations will now commence. Discovered in 1985, Kraken is situated on the UK sector of the North Sea on Block 9/2b. Nautical Petroleum operates the field with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

Sep. 2010 - The drilling of an appraisal well on the Kraken field (9/02b-4) has concluded, reaching a total depth of 4,502 feet (1,372 meters). Targeting the Heimdall III formation, the top of the target was encountered at 3,856 feet (1,175 meters) with a gross thickness of 160 feet (49 meters). The well proved to be substantially thicker and have a higher porosity than expected. Preliminary data indicates that the Heimdall III main sand contains 83 feet (25 meters) of net oil pay with an average porosity of 39%, and an average oil saturation of 87%. An oil/water contact wasn't encountered in the sand, thus extending the Kraken field oil-down-to a depth of 3,934 feet (1,199 meters) from a depth of 3,842 feet (1,171 meters). A production test was performed to confirm the productivity of the reservoir tested in the discovery well, but operational problems were encountered, so it was not possible to flow the well at a stable production rate. The lower section of the well will now be abandoned, and a sidetrack, 9/02b-4z, will be drilled to target the western section of the 9/02b-4 well. Drilling of the sidetrack well should take about 14 days. Discovered in 1985, Kraken is situated on the UK sector of the North Sea on Block 9/2b. Nautical Petroleum operates the field with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.

Aug. 2010 - Nautical Petroleum has commenced drilling on the 9/02b-D appraisal well on the Kraken field in the North Sea. Drilling operations are being performed by the Ocean Nomad semisub, and it should take about 45 days.

Aug. 2010 - This month, Nautical Petroleum plans to drill the Kraken 9/02b-D well in the UK sector of the North Sea. The Ocean Nomad semisub will drill the well, comprising an appraisal well and an exploration sidetrack. The appraisal well will assess the southern extent of the proven existing hydrocarbon accumulation, and is expected to provide information for phase one of development, east of the Kraken fault. The exploration sidetrack, to the west of the appraisal well, will investigate three potential reservoirs, targeting gross prospective resources of 114 Mmbo. Additionally, significant work was undertaken to further de-risk Kraken. Depositional modeling has improved the understanding of the areal distribution of the reservoir; and interpretation of the controlled source electro magnetic survey has confirmed an anomaly over the planned drilling location. Development planning and concept selection studies of the field are already underway with the aim of submitting a field development plan to the government by the end of 2010.

Apr. 2010 - Nautical Petroleum will use the Ocean Nomad semisub to conduct drilling in summer 2010 on the southwest accumulation of the Kraken discovery well. The activity will consist of both an appraisal well and an exploration well, plus testing. The appraisal well will assess the southern extent of the existing hydrocarbon accumulations confirmed by the 9/1-1A and 9/2b-2 wells. The key purpose of this well is to recover cores and obtain fluid samples, with the aim of collecting data to optimize field development plans. To the west of the appraisal well, an exploration well will investigate three potential reservoirs, namely Heimdall III, a deeper Heimdal I and older sands, targeting gross best estimate prospective resources of 114 MMbo in the Heimdal III and I reservoirs. Development planning and concept selection studies of the field are already underway with the aim of submitting a field development plan to the government by the end of 2010.

May. 2009 - OHM Limited is contracted to conduct a CSEM survey in the UK sector of the North Sea on the Kraken prospect. Well Integration with Seismic and Electromagnetics (WISE) uses available seismic and well data to underpin CSEM survey design enabling CSEM technology to be successfully applied in technically challenging areas. The survey is to assist in the appraisal of the discovery on Block 9/2b. The appraisal survey will map the lateral extent of the discovery and help distinguish between competing geological hypotheses, which in turn will guide further appraisal drilling. The contract value is $1 million and the OHM Leader vessel will conduct the CSEM survey in June 2009 with initial results expected in July 2009.

Oct. 2008 - Nautical Petroleum says that the 9/2b-3 appraisal well preliminary analysis of the well log data indicates the absence of sandstone at this location. Although disappointing, in terms of proving upside resources, the results do not diminish the opportunity for development of the already substantial reserves in the core, south and west areas of the Kraken discovery, proven by the first two wells (9/2-1 and 9/2b-2), which encountered oil of improving quality.

Sep. 2008 - Nautical Petroleum said the Kraken appraisal well 9/2b-3 spudded on September 21, 2008. The joint venture has brought foward the well from Sping 2009 and is now ahead of the critical path of activities leading to the submission of a field development paln by the end of 2009. Results are expected by mid-October this year.