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New World set to start Danish seismic
.gif) A report on the petroleum prospectivity of a Danish licence area has suggested it could contain between 40 and 192 million barrels of oil and up to 3.38 trillion cubic feet of gas.
The figures come from a new competent persons report (CPR) on the Danica resource project in Denmark carried out by RPS Energy on behalf of London-listed New World Oil and Gas, covering a 6,420 square kilometre 1/08 licence area on and offshore southern Denmark.
Currently New World is finalising a farm out agreement with the current licence operator Danica Resources ApS, to finalise a joint operating agreement for the licence, under which New World has an option to earn up to 80% working interest and become operator of the 1/08 area.
Today New World underlined that the licence is on trend with an analogous geological setting, and 20 kilometres (12.5 miles) west of several producing Zechstein oil and gas fields
According to the RPS report, the licence around could contain between 40, 97 and 192 m bbls of oil, on P90, P50 and P10 estimates within Zechstein formations, and those resources could have net present value of US$2.00 bn on a P10 basis.
Also the CPR points to Rotliegendes accumulations with estimates of between 575 billion, 1.40 trillion and 3.38 Tcf cubic feet of gas, based on P90, P509 and P10 estimates, which suggests a net value of up to $3.310 bn.
Next, New World is planing to undertake a 2D seismic survey to identify robust prospects for drilling and to reduce geological risk put at 1 in 12 down to 1 in 8 for Zechstein formations.
Also New World points out Danica resources has identified 15 leads in Triassic Bunter Sandstone and seven leads - four onshore and three offshore - and one prospect, the Zechstein Als prospect that could share similar properties to producing fields in Germany and Poland
William Kelleher, New World's chief executive said that the CPR provide significant evidence of a working hydrocarbon system in the licence area. He said it underpins his company's belief that the Danica Resources Project is in a productive and highly prospective region.
“Based on these results, we will immediately proceed to negotiate and finalise the definitive transaction agreements, in the form of a Farm-Out Agreement, as well as an amendment to the underlying Joint Operating Agreement, naming New World’s Danish subsidiaries as parties and operator.”
Kelleher said work on permitting is also underway for 2D seismic acquisition programme to commence in April. ''We expect to complete data acquisition for the first phase of the seismic programme by September 2012,” he added.
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Aker group grows value Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations rose in value.
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