Nordic Energy’s Chairman resigns

Nordic Energy PLC, a North Sea-focused oil and gas E&P company, has announced that its Chairman and Director has resigned.

The company explained yesterday that Donald Nicolson has resigned from his position due to conflicting time commitments. The company did not provide more details on what those conflicting commitments meant.

According to the press release issued by the company, he will continue to be available to advise the company and maintain an ongoing relationship with Nordic.

Commenting the Nicolson’s departure, Rudolf Kleiber, the founder and Chief Executive Officer, said, “We would all like to thank Don for his valued input as Chairman and look forward to his continued support of the Company in an ad hoc advisory capacity.”

Denmark negotiations

Nordic Energy owns assets in Denmark, the UK and the Netherlands. In September 2013, the company secured its first project to become the operator of the largest offshore licence in the Danish North Sea with 11 oil and gas prospects ranging from 805 MMbo – 7.5 Billion bo and 1.1 TCF to 7.3 TCF.

Last week, on April 9, Nordic Energy announced it is negotiating with the Danish Energy Authority (DEA) to extend its first licence phase. The first phase ends on April 17, 2015 after which the company has the option to progress to phase 2 during which there is an obligation to carry a seismic survey campaign.

The company has encountered delays in securing adequate finance for a seismic programme and, as it does not want the licence to lapse, it has asked for an extension of the first two year phase. Nordic believes that additional technical work could be undertaken prior to shooting seismic and it has entered into discussions with its partner, the Danish North Sea Fund, and the DEA to define an appropriate work programme for the extension phase.

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