Nordic Energy Acquires Biggest Danish License

North Sea-focused Nordic Energy reported Wednesday that it has acquired the largest exploration and production license in the Danish North Sea.

The 01/13 license covers an area of approximately 1,380 square miles in what Nordic described as a proven hydrocarbon system. The license contains 10 "large", previously-identified prospects and leads that have been estimated to contain P50 recoverable resources of 1.2 billion barrels of oil and 2.8 trillion cubic feet of gas.

Nordic said it was currently reprocessing existing 2D seismic data into a pseudo 3D seismic dataset to further delineate prospectivity.

Nordic said that the license was acquired via a convertible loan note from NikOil – a private company owned by the directors of Nordic – that had previously been awarded the license by the Danish government. The Danish North Sea Fund will participate in the license through a fully-paid 20-percent working interest.

Nordic CEO Rudolf Kleiber commented in a company statement:

"Nordic Energy is now the operator of the largest exploration and production licence in the Danish North Sea. License 01/13 is considered highly prospective as, based on existing seismic, a number of very large structures have been mapped updip from the Central Graben, the source of all the oil found in the Danish, Norwegian and UK North Sea.

"Management has made previous multiple commercial field discoveries in the Nordic area and we intend to immediately apply our combined experience and expertise to further define the license's company-making prospectivity towards drill ready status. The license comes with access to an extensive seismic database which at today's prices would cost in excess of $20m. We are currently using advanced technologies to re-process a significant amount of this data to generate a pseudo 3D seismic dataset.

"Advanced technologies and new ideas were successfully used by Lundin to locate the nearby Johan Sverdrup, a 3.3 billion barrel `super giant' oil discovery off the coast of Norway, where, as with our license, migration has taken place out of the Central Graben to a high lying area to the east."

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