ENERGY: Nordic in talks to renew Danish offshore licence

Nordic Energy Plc, the oil and gas exploration and production company focused on the North Sea and northern Europe, announced that 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, that that trades on the London ICAP Securities and Derivatives Exchange (ISDX), has the option to progress to phase 2 during which there is an obligation to shoot a seismic programme.
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.
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 mln barrels of oil equivalent to 7.5 bln and 1.1 trln cubic feet (tcf) of natural gas to 7.3 tcf
The company listed on the ISDX Growth Market in October 2012 to acquire low cost entry opportunities in the UK, Danish and Dutch offshore sectors.