Danish North Sea newcomer Nordic Energy has snapped up the licence for the largest exploration area in the region – for just £100,000.
Licence 01/13, close to the existing discoveries in the central Graben, is throughout to contain six oil prospects with up to 1.2billion barrels of oil, along with a further four gas leads containing 2.8trillion cubic feet of gas.
The exploration and production licence was previously held by NikOil, which was jointly owned by Nordic’s directors, before being transferred to the company today for just £104,000.
It is the first major project for the company, which listed last year, and is looking at growing its North Sea assets.
“Management has made previous multiple commercial field discoveries in the Nordic area and we intend to immediately apply our combined experience and expertise to further define the Licence’s company-making prospectivity towards drill ready status,” said chief executive Rudolf Kleiber.
“The licence comes with access to an extensive seismic database which at today’s prices would cost in excess of US$20m. We are currently using advanced technologies to re-process a significant amount of
this data to generate a pseudo 3-D seismic dataset.
“Advanced technologies and new ideas were successfully used by Lundin to locate the nearby Johan Sverdrup where, as with our Licence, migration has taken place out of the Central Graben to a high lying area to the east.”