British oil explorer Nautical Petroleum has completed its acquisition of an additional 15% interest in the UKCS Licence P1077 Blocks 9/2b and 9/2c from Canamens Energy North Sea.
The transaction has been approved by the US Department of Energy and Climate Change and the joint venture partners.
With the interest acquisition, the company has increased its stake to 50% in the license that includes the Kraken discovery.
Earlier this month, the company said that in consideration for the acquisition, it would fund Canamens’ share of the remaining costs relating to the 9/02b-E appraisal well and a 3D seismic survey, and waive £7m ($11.34m) of past costs owed by Canamens for the drilling of the 9/02b-4 well and 9/02b-4z sidetrack.