Nordic Petroleum to Start Drilling Soon on Skyway Prospect
Nordic Petroleum ASA reports that the final preparations for beginning the drilling process have now begun after financing from all parties is in place. This week has been utilized for remaining contract negotiations, and approval of the drilling license in Carmangay, as well as cost acceptance from all parties for carrying out the project. Following this, finalization of engagement contracts with the service and drilling contractors will be done. Drilling is expected to begin during the last half of February.
The Skyway prospect is in a gas and oil rich area about 80km south east from Calgary with the mineral rights to the basement rock. The Skyway Prospect is a direct farm-in with Masters Energy in a Joint Venture with Skyway. The first well is estimated to $ 500,000 where Nordic will earn in accordance to total investment (currently $ 300,000), which will vary between 30-45% earned payout interest depending upon final investment and costs.