Nordic has received its well license from the Saskatchewan government, thereby paving the way for Nordic to commence drilling its new exploration well at Endeavour.
"While it took longer than we had anticipated, we are delighted to finally receive the required well license that now allows us to move forward with this exciting project," Donald Benson, Chairman and CEO, stated. "The first well location is offset from a 1950s well, which encountered oil in six different intervals. The seismic that we shot indicated that a well drilled back in the mid-1950s was drilled on a low, whereas our location is on a structural high. The 1950s well also indicated the presence of a salt cap, which we feel acts as a seal.
In addition, Mr. Benson also noted that the Company has completed surveying and is applying to license a second location in the Endeavour area, "and we plan on drilling both wells at the same time.
"The Company is, excited about the potential of these two new locations and we look forward with great anticipation to the start of drilling both," he added.
Further updates will be provided once the Company has secured a drilling rig and the site has been prepared and readied for the start of drilling.
As a further note regarding the recent announcement of the Equity Line Facility for $10,000,000.00 which the Company has secured, the Company wishes to confirm that the facility is for a three year period and it is anticipated that several drawn downs will take place at hopefully increasing share pricing. This will not be a matter of flooding the market with low priced shares but rather a facility which will allow us rapid access to capital as required. A discovery at Endeavour should have a tremendous impact on the price of our shares.
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