Project Profile
Location: Danish North Sea
Area: Approximately 1,380 square miles
Reserves: P50 recoverable resources of 1.2 billion barrels of oil and 2.8 trillion cubic feet of gas.
Licence relinquishment: 1st December 2015
Nordic Energy has acquired the largest exploration and production licence in the Danish North Sea. The 01/13 licence covers an area of approximately 1,380 square miles in what Nordic described as a proven hydrocarbon system. The licence contains 10 large, previously-identified prospects and leads that have been estimated to contain P50 recoverable resources of 1.2 billion barrels of oil and 2.8 trillion cubic feet of gas. Nordic was currently reprocessing existing 2D seismic data into a pseudo 3D seismic dataset to further delineate prospectivity. The licence was acquired via a convertible loan note from NikOil – a private company owned by the directors of Nordic – that had previously been awarded the licence by the Danish government. The licence comes with access to an extensive seismic database which would cost in excess of US$20m.
Operators:
ESP Oil & Gas ApS (subsidiary of Nordic Energy): Operator with 80% interest
Danish North Sea Fund: 20% interest