Nordic Launches New Initiatives on Preeceville, Cote, and Joffre Lands
Donald Benson, chairman and CEO of Nordic Oil and Gas Ltd., on Monday announced several new initiatives at the company's Preeceville, Cote First Nation, and Joffre properties.
At Preeceville, the company will be testing its 14-14-39-5 W2 well and will also re-test its original 5-34-39-5 W2 well that was originally drilled in 2003. “Newly obtained interpretations of our logs from a third-party source suggest we have up to three possible shallow zones capable of producing gas,” he stated. “We are optimistic that these tests will prove gas production capability over our Preeceville lands.”
To lend further credibility to this opportunity, Benson added that in recent weeks, “another company has commenced drilling some 16 wells over their lands located 10 kilometers south of our southern boundary.”
Also in Saskatchewan, the company has applied for the licensing of two new wells--one on its Cote First Nation land, the other in Preeceville. Benson indicated that both of these wells should be drilled by late August of this year and that tentative arrangements have been made to secure a rig for both areas.
In Joffre, preparations are underway for the start of drilling at the company's 14-12-38-25 W4 location. “We are in the process of sending our partners an Authorization for Expenditure (AFE) for their approval,” said Benson. Nordic holds a 31.875% interest in the well.
Nordic has two locations licensed in Joffre and plans to drill both of these wells by late August.
Benson also stated that the company is putting the final touches on a new farm-in agreement with two other companies to drill a Mannville well east of Edmonton in W4. “We will pay 37.5% of the costs to earn a 20% interest in the well and 1 1/2 sections of land,” he said. It is anticipated that this well will spud by the end of July.
Finally, Benson said that Nordic’s private placement and flow-through share offerings announced in May and subsequently amended in late June is continuing. “We remain optimistic that it will be successfully concluded in the coming weeks,” he said.
Nordic Oil and Gas is a junior oil and gas exploration company that is listed on the TSX Venture Exchange and trades under the symbol NOG.
- Nordic Secures Rig for Endeavour Exploration Wells (Nov 30)
- Saskatchewan Govt Gives Nordic Green Light to Drill at Endeavour (Nov 10)
- Nordic Enters ELF Agreement (Oct 29)