Nordic Energy identifies 20 prospects in Denmark

Nordic Energy Plc has announced the structural interpretation and mapping of existing 2D seismic data and a newly reprocessed pseudo-3D volume over the area of the Licence 1/13 off the west coast of Denmark, have now been completed.

These results have incorporated new information from the Luna well, drilled in 2012 to the west of the Licence, along with data from a number of other relevant wells in the area.
 Highlights

* 20 prospects and leads have now been identified, representing a significant increase from the 8 previously reported

* Mapping of new `Shallow Gas’ Tertiary prospects with a high chance of success and substantial resource potential

* Findings show a substantial increase in potential recoverable resources across a broad and overall improved range of risk ratings, which is due to the availability of pseudo 3-D data and the Luna well results

* The Company is now progressing further studies and technical analysis ahead of planned 3D Seismic acquisition

* An updated CPR can be expected in early Q2 2014

This work has resulted in the generation of a comprehensive set of depth and time maps. In addition, the company has reported a sizeable increase in  the previously identified prospect inventory to 20 prospects and leads within the mapped area. The findings suggest the potential for very substantial reserves as well as a range of risk ratings for individual prospects and the licence area overall. Of specific importance is the emergence of a new set of Tertiary prospects which complement the previously mapped `high risk, high reward’ Rotliegendes and Pre-Permian leads. The data suggests that the new Tertiary prospects will provide a high chance of success (“COS”) at substantial resources potential.

The company said it believed the outcome of the work to date to be highly encouraging and will now follow these results with, amongst other activities, maturation and migration studies to further highlight the potential of the area.   Nordic anticipates that the reserves potential and the chance of success of exploration drilling will be underpinned by the independent review and verification process offered through a Competent Persons Report (“CPR”), which the Company is expecting to receive during early Q2 2014 and will announce once available.

Nordic Energy CEO Rudolf Kleiber said: “Extensive technical work has been carried out in and around Licence 1/13 in the Danish North Sea, including 2D seismic data and the drilling of several wells. This dataset represents a significant financial investment by previous operators and a valuable source of information about the hydrocarbon prospectivity of the Danish subsurface.  

“In our initial round of technical work, we have re-evaluated this existing data and applied some advanced interpretation techniques, thus providing use with new information that has not previously been available. We are very encouraged by the results of our initial evaluation; we have now compiled a comprehensive prospect portfolio with multiple reservoir objectives and substantial risked reserves potential. It is our intention to acquire new 3D seismic ahead of drilling one or more wells in the future and I look forward to providing further updates on our progress in due course.” 

 

Press Release, February 18, 2014

 

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