Nordic Energy PLC to acquire offshore Denmark E&P license


Nordic Energy PLC to acquire offshore Denmark E&P license

LONDON -- North Sea oil and gas investment company Nordic Energy PLC has announced that NikOil, a private company jointly owned by the directors of Nordic, has been awarded a 3,600-sq km offshore Denmark E&P license.

The Danish Government awarded the group production license 01-13, which is located in a working hydrocarbon system off the west coast of Denmark in the Danish North Sea. Pursuant to a Letter of Intent signed by Nordic and Nikoil (announced Feb. 25), Nordic will acquire the license from Nikoil, subject to the consent of the Danish Government.

License 01-13 is located near existing production and discovery areas Danish Central Graben and Palaeocene Siri, and had two wells drilled in the 1970s, one of which encountered gas. The latest available set of official numbers published by the Danish Energy Agency indicates an average daily production of 221,000 bopd in 2011, for a total of 80.7 MMbbl for the year. Remaining reserves in already discovered accumulations are estimated to be in excess of 1 billion bbl as of January 1, 2012.

According to a report from Tracs International Consultancy Limited, the play contains, totally or partially, six oil prospects and leads with a range of potential recoverable resources of 805 to 7,526 MMbbl, and four gas leads with potential recoverable resources of 1,084 to 7,304 Bcf gas. The mapped structures occur at a range of geological horizons, including the Top Chalk, Top Rotliegendes and Top Pre-Permian.

Nordic has secured an option to acquire 11,600 km existing 2D seismic and a pseudo-3D seismic data volume covering the license area, which is currently being processed. Both 2D and pseudo-3D seismic will be interpreted, together with data from existing wells, to develop drill-ready prospects on 01-13. The Danish North Sea Fund will participate in the license with a fully-paying 20% working interest.

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