Nordic Energy to Acquire Exploration Licence in Danish North Sea
Nordic Energy PLC, a company focused on making investments in the North Sea oil and gas sector, has announced NikOil Limited `NikOil’), a private company jointly owned by the Directors of Nordic, has been awarded by the Danish Government the 3,600 sq km offshore exploration and production licence 01-13 (`the Licence’) located in a working hydrocarbon system off the west coast of Denmark in the Danish North Sea.
Pursuant to a Letter of Intent (`LOI’) signed by the Company and Nikoil and announced on 25 February 2013, Nordic will acquire the Licence from Nikoil, subject to the consent of the Danish Government. The terms of the transfer, which are not expected to be material, will be announced following the Danish government consent.
The licence is located in a working hydrocarbon system, close to existing production and multiple discoveries. Of the two previous wells drilled in 1970s – one encountered gas,
Ten large prospects/leads previously identified and independently confirmed by a Competent Person in 2010
Nordic Energy CEO Rudolf Kleiber said, “We are focussed on generating substantial value for shareholders by building and developing a multi-stage portfolio of highly prospective oil and gas assets in the Nordic region, including both exploration and production. This, our first licence, matches our investment criteria: low cost entry; proven hydrocarbon system; large existing seismic dataset that can be reworked using advanced technology; identified prospects; located in shallow water close to markets and infrastructure. Upon final approval from the Danish Government, we will rework the existing data using the existing 2D and pseudo-3D seismic technology to further delineate and mature the identified prospects and leads to drill ready status. I look forward to providing further updates in due course.”