Business

Nautical climbs on North Sea sale

11 April 2012

Oil explorer Nautical Petroleum saw its shares jump 24% today after it raised £87.5 million from the sale of a 20.67% stake in a North Sea licence to Statoil UK.

Nautical, which will be left with a 6% stake in the licence following the disposal, plans to use the funds to invest in its Kraken and Catcher developments.

Chief executive Steve Jenkins said the sale of the stake was "excellent value" for shareholders.

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