North Sea newcomer Nordic Energy posted a £63,746 loss as it prepares to step up its presence in the region.
The company, which launched a bid for eight new blocks in the Danish North Sea earlier this month, already has a production licence close to the established Siri and Central Graben fields.
With results due soon from seismic data on the prospect, Nordic chief executive Rudolph Kleiber said the company was looking to success from their find, which is thought to contain up to 2billion barrels of oil and a further 2,750 billion cubic feet of gas.
“Since the acquisition of the licence, the company has been evaluating the existing data over the licence area and believes this area to be highly prospective with several different play types and potential reservoir levels,” he said.
“The company is also pleased to report that it has sufficient cash to carry out the agreed work programme for the near future.
“As a result, the next six months will be focused on advancing the process of evaluating the prospectivity of the existing licence as well as, hopefully, being awarded the other licence.”