Nordic Petroleum Lands Exploration Rights on West and East Greenland

Disko West
(Click to Enlarge)

Nordic Petroleum has obtained through its subsidiary company Gronland Resources Company AS exploration rights for Hydrocarbons (oil and gas) on land in the West and East Greenland. The exploration rights include the land area in West Greenland bordering south of 78 degrees North and West for 44 degrees W. The exploration rights in East Greenland border south of 75 degrees North and East for 44 degrees W. Both areas are referenced by World Geodetic System Datum 1984(WGS/84). The area is also known as Disko/ Nussuaq.

This means one of the Nordic Petroleum ASA goals to formalize the exploration rights in Greenland has therefore been achieved. The rights are valid until 31 December 2012. Arild Tolfsen, CEO of the Company, expresses optimism and great satisfaction of the future values secured with the company's portfolio. Based on earlier findings by other operators close to the permitted exploration area, Mr Tolfsen is very optimistic both with regard to the probability of finding hydrocarbons and the advantageous interest for Greenland shown by Companies like EnCana, Husky Oil and PA Resources.

Nordic Petroleum will now plan it's working program in according with it's obligations by the rights.


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