EXPLORATION RIGHTS FOR OIL & GAS ON WEST AND EAST GREENLAND
Nordic Petroleum ASA can now inform that the the company officially has obtained through it’s subsidiary company Grønland Resources Company AS exploration rights for Hydrocarbons (oil and gas) on land in the West and East Greenland. The exploration rights include the land area in West Greenland bordering south of 78ºNorth and West for 44ºW. The exploration rights in East Greenland border south of 75ºNorth and East for 44ºW. Both area’s are referenced by World Geodetic System Datum 1984(WGS/84). The area is also known as Disko/ Nussuaq.
This mean one of the Nordic Petroleum ASA goals to formalize the exploration rights in Greenland has therefore been achieved. The rights are valid until 31 December 2012. Arild Tolfsen, CEO of the Company, expresses optimism and great satisfaction of the future values secured with the company’s portfolio. Based on earlier findings by other operators close to the permitted exploration area, Mr Tolfsen is very optimistic both with regard to the probability of finding hydrocarbons and the advantageous interest for Greenland shown by Companies like EnCana, Husky Oil and PA Resources.
Nordic Petroleum will now plan it’s working program in according with it’s obligations by the rights.
Fredrikstad/Norway Jan 21st 2008
Nordic Petroleum ASA