Nautical Petroleum takes a 25% stake in North Sea Hydra prospect

Nautical Petroleum has entered into an agreement with First Oil Expro to acquire a 25% interest in UK North Sea Block 3/27a, which contains the Hydra prospect. The licence commitment, to be completed by 10 January 2015, is the acquisition of 250km of 2D and 100km2 of 3D seismic plus a well to be drilled at the discretion of the participants. First Oil Expro, the operator, currently hold a 100% interest in the block.