Nordic Oil and Gas has received the first of its anticipated 10 new well licenses in Lloydminster, Alberta. The new well, 12-14-50-2W4M, has been licensed as an exploration well, as opposed to the Company's previous wells in the region, which are all development wells.
"This is a very significant aspect of the license, as this allows us to drill deeper than normal at this proven oil prone area," said Donald Benson, President and CEO of Nordic Oil and Gas. "This gives us additional targets that may also be oil bearing, but still leaves us with a development well in the shallower zones if exploration in the deeper regions is unsuccessful."
The Company expects to commence drilling this new well shortly. Furthermore, the Company also anticipates receiving additional exploration well licenses in Lloydminster in the coming days.
In other news, Mr. Benson also stated today that the Nordic well in Joffre, Alberta, which has been drilled to the Viking zone, has been perforated and is about to be further evaluated. The Company is contemplating perforating the Belly River Zone, thereby allowing it to produce from two different zones.
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