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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Nordic Panorama | LSE:NORP | London | Ordinary Share | GB0007279341 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
13 June 2014 Nordic Energy PLC/ Index: ISDX / Epic: NORP / Sector: Oil & Gas Nordic Energy Plc ("Nordic" or the "Company") Danish North Sea Licence 1/13 - Technical Update CPR validates prospective & recoverable resource, including a potentially commercial Gas Discovery Nordic Energy PLC, an oil and gas E&P company focussed on Denmark, Norway, and the North Sea sectors of the Netherlands and the UK (the Nordic Area), is pleased to announce the publication of its Competent Person's Report ("CPR") for its exploration and production licence area in the Danish North Sea, Licence 1/13 ("Licence"). Highlights * Reserve resource Audit on 3,600 sq km Danish North Sea Licence 1/13 completed on schedule * CPR recognises the R-1 ("Maja") Miocene gas discovery which is similar in age and depth to a number of successful gas fields that have been developed in the Netherlands since 2007 * Early indications are that a commercial development of the Miocene gas on licence 1/13 might be possible * Contingent Net Recoverable Resources of 69 Bcf gas for the Maja discovery * Significant upgrade of the number of prospects as announced on 18 February 2014 in previous technical report principally due to the new mapping of the Miocene gas prospects through use of the Pseudo 3D - data and an improvement in the geological chance of success * Best Estimate Prospective Recoverable Resources of 1.8bn bbl oil and 1.9 Tcf gas in a portfolio of 20 prospects and leads * Farm-out discussions commenced with well known IOCs Licence 1/13 covers an area of 3,663 sq km. The Licence is located approximately 50 km from the edge of the Central Graben, where existing production and multiple discoveries are located, and 100 km from the Siri Area, which has a number of Tertiary fields. The Company operates the Licence and holds an 80% working interest, the remaining 20% working interest being held and paid for by Nordsøfonden. Nordsøfonden is the Danish State's oil and gas company and are a non-operating partner in the Danish Underground Consortium (DUC) and all new licences, making them a key player on the Danish Continental Shelf. Following the acquisition and interpretation of a new volume of Pseudo-3D seismic data and corresponding existing 2D seismic data, Nordic retained the services of Xodus Group Limited ("Xodus") to carry out an independent third party contingent and prospective resource audit which has confirmed the presence of a Gas Discovery in the R-1 well that has remained unappraised since the well was drilled in 1973, and twenty further prospects and leads with four different reservoir types, i.e. Miocene, Rotliegendes, Upper Cretaceous and Pre-Permian. The Gas Discovery is of particular significance to Nordic as it is found in the same stratigraphic interval and in the same depth range of 1,000 - 1,600' as the Chevron operated Dutch North Sea gas fields A12 and B10/13 which have been on commercial production since 2007 and 2011 respectively. The performance of these fields has exceeded initial recovery expectations, and now further developments are planned in the Netherlands. Early indications are that the Maja gas discovery on licence 1/13 may be commercially viable. Xodus has reported that the Maja discovery has an estimated net contingent recoverable resource to Nordic of 69 Bcf gas in the Miocene, and has identified prospects and leads with a net Best Estimate prospective recoverable resource of: * 247 BCF gas from the Miocene (10 prospects), * 1,160 MM STB oil from the Rotliegendes (2 prospects), * 245 MM STB oil from the Upper Cretaceous (3 prospects) and * 1,248 BCF gas from the Pre-Permian (5 prospects). The following tables summarise the range of recoverable resources on the licence net to Nordic: Contingent Resources Net to Nordic Energy 1C 2C 3C Commercial Risk Factor Gas(in Bscf) Miocene - Discovery 16 69 184 35% Total (Bscf) 16 69 184 Prospective Resources Net to Nordic Energy Low Best High Geological Risk Estimate Estimate Estimate Factor (COS%) Oil (in MMstb) Upper Cretaceous 74 245 539 12% Rotliegendes 178 1,160 3,124 4% Stochastic Total Oil (MMstb) 691 1,757 3,032 Gas (in Bscf) Miocene 53 247 680 12 - 58% Pre - Permian 336 1,248 2,781 3% Stochastic Total Gas (Bscf) 1,300 1,887 2,542 Stochastic Total Oil & Gas 908 2,072 3,456 (MMboe) Prepared in accordance with the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE). Speaking today, Rudolf Kleiber, Chief Executive Officer of Nordic said: "This is asignificant stepforward for Nordic in its evaluation of Licence 1/13. This third party resource audit by Xodus further validates the significantexploration 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 discoverythat could potentially be developed for early production is very attractive. It should be noted that the shallow water depth over the licence,and most prospects requiring less than 2000m of drilling, should enable relatively low exploration drilling and development costs.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 stronginternational industry interest. Finally, Nordic will continue to de-risk the material resource potential of the licence through the commissioning of maturation, migration and seismic attribute studies" The Directors of the Company are responsible for the contents of this announcement. **ENDS** For further information please visit www.nordicenergyplc.com or contact: Enquiries: Rudolf Kleiber Nordic Energy PLC Tel: +44 20 7283 0179 Patrick Rocholl Nordic Energy PLC Tel: +44 20 7283 0179 Jo Turner Cairn Financial Advisers LLP Tel: +44 20 7148 7900 Liam Murray Cairn Financial Advisers LLP Tel: +44 20 7148 7900 Chris Crawford Allenby Capital Tel: +44 20 3002 2073 Kelsey Traynor Yellow Jersey PR Limited Tel: +44 7799 003 220 Dominic Barretto Yellow Jersey PR Limited Tel: +44 7768 537 739 Notes Nordic Energy is an oil and gas exploration & production company focused on the North Sea and northern Europe. 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. The Directors have significant experience in the Nordic Region in particular and are focused on building a multi-project portfolio at various stages of development including exploration and production. The Directors have been assessing a number of assets in the Nordic Region and have a pipeline of projects including exploration, development and production in Denmark, the Netherlands and offshore UK. The Company's focus is on exploration success in the Danish North Sea to create near-term value for shareholders. The Company will leverage its industry experience to acquire prospective low-cost exploration assets and production in the Nordic region and re-evaluate prospectivity by applying modern technology. The Board of Directors plans to use surplus cash flow from producing asset(s) to fund future exploration activity. A tight control of corporate overheads will maintain focus on operational value delivery. Xodus Group Limited Xodus is an independent, international energy consultancy. Established in 2005, the company has 600+ subsurface and surface focused personnel spread across thirteen offices in Aberdeen, Anglesey, Dubai, Edinburgh, Glasgow, The Hague, Houston, Lagos, London, Orkney, Oslo, Perth and Southampton. The wells and subsurface division specialise in petroleum reservoir engineering, geology and geophysics and petroleum economics. All of these services are supplied under an accredited ISO9001 quality assurance system. Except for the provision of professional services on a fee basis, Xodus has no commercial arrangement with any person or company involved in the interest that is the subject of this report. Chris de Goey is Head of Management Consultancy at Xodus London and was responsible for supervising this evaluation. Chris has a broad commercial background in the energy industry. Starting his career in Shell Group Planning he then joined Accenture where he worked on market entry, organisational, marketing, performance management and operational solutions for IOCs and European utilities. He subsequently took on management roles in venture capital and corporate finance focusing on oil and gas and renewables. For 3 years prior to joining Xodus, Chris led an oil and gas evaluation group, assisting banks, private equity and operators with financing due diligence, delivering competent person reports and feasibility studies. Chris has an MSc in Applied Physics from Delft University and a Business degree gained at Delft and Rotterdam universities. He is a member of the Energy Institute, the Petroleum Exploration Society of Great Britain and the Society of Petroleum Engineers. Glossary MMstb million stock tank barrels of oil Bscf billion standard cubic feet Tcf trillion standard cubic feet Bbl barrel
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