North Sea explorer Nordic Energy says it believes its new licence could be ‘company-making’ as it begins analysing seismic data from it.
The company picked up an 80% stake in Licence 1/13, which covers a 3600 square km area of the Danish North Sea, in September.
Up to 10 large prospects have already been identified on the the field by the previous holders of the licence, with two wells drilled on it in the 1970s.
The field is estimated to contain up to 2billion barrels of oil and a further 2,750 billion cubic feet of gas.
The company is now looking at the seismic data for the site before publishing a new competent person’s report for the field.
“We are currently applying advanced technologies and techniques to this data to build a comprehensive pseudo-3D geological model for the Licence area,” said chief executive Rudolf Kleiber.
“We expect the results of this work including volumetrics to be available in Q1 2014 which will be followed by a new CPR.
“In addition to being the largest in the Danish North Sea, the directors’ believe Licence 1/13 has potentially multiple company-making structures which the company is looking to systematically de-risk and prove up.”
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