Nordic Energy (ISDX:NORP) has taken a significant step forward in the exploration of its acreage in the Danish North Sea, as it has now defined contingent gas resources in the order of 69bn cubic feet.
The assessment is part of a competent person report (CPR) which recognises the R-1, or Maja, gas discovery as being similar in age and depth to successfully developed fields in the Netherlands.
Xodus Group, the contractor that put the report together, also concluded that there are ‘early indications’ that a commercial development of the gas resources might be possible.
Beyond that, the Xodus CPR also significantly upgraded the prospect inventory with a ‘best estimate’ prospective resource of 1.8bn barrels of oil and 1.9tln cubic feet of gas spread across 20 prospects and leads.
"This is a significant step forward for Nordic in its evaluation of Licence 1/13,” said chief executive Rudolf Kleiber.
“This third party resource audit by Xodus further validates the significant exploration resources on the Licence in addition to confirming the presence of the Maja gas Discovery.
“The combination of a number of undrilled prospects with unusually high volume exploration potential with an unappraised gas discovery that could potentially be developed for early production is very attractive.”
Nordic acquired licence 1/13, which as well as hosting the discovery spans 3,663 square kilometres, back in September and it says it is already holding talks with “well known” international oil companies (IOCs) regarding a potential farm-out deal.
“Having now completed this audit, and having progressed sufficiently with our interpretation activity on the Licence, we will now proceed with our planned farm-out discussions where we have already received strong international industry interest,” Kleiber added.