Project Profile
Value: Undisclosed
Location: Baltic Region of Southeast Denmark
Area: 1.67 million acres
Relinquishment date: September 15, 2015
The Danica Resources Project comprises of licence 1/08 located in the Baltic Region of Southeast Denmark. The licence covers 1.67 million acres of highly prospective territory on the under-explored northern margin of the producing Southern Permian Basin. In April 2012, in addition to signing a Letter of Intent on 23 December 2011, New World signed a Farm-Out Agreement with Danica Resources ApS for Licence 1/08, subject to the completion of a staged work-in programme. Following, the completion of a phased seismic acquisition programme and the drilling of one well, New World will have the opportunity to earn into an 80% interest in the Licence.
Licence 1/08 is located along a prospective trend extension of existing Zechstein, Rotliegendes, and Triassic oil and gas producing fields. After acquiring the project, New World reprocessed and reinterpreted 388km out of 590km of existing seismic data allowing the Company to recognise the shallow Triassic sandstones, deeper Zechstein carbonate and underlying Rotliegendes sandstone prospectivity along the northern margin edge of the Southern Permian Basin. This reprocessing has led to the identification of large structures at the Triassic Bunter, Zechstein and Rotliegendes target intervals and in all, 22 leads and prospects and 1 drillable prospect, the ‘Als Prospect’, were identified.
Operator:
Danica Resources ApS: 55% interest
New World Resources ApS: Operator with 25% interest
Nordsøfonden: 20 % interest