The Company informed, in the letter dated 14.11.2008, that it had submitted the application for Operating license to the ERCB (Energy Resources and Conservation Board in Alberta). The application has been processed and approved by the relevant authorities. Our wholly owned subsidiary Norwegian Petroleum Inc. now has the necessary approvals to act as Operator for the drilling operations we are planning to conduct. These include, as previously mentioned, the Skyway field with the drilling of one well in January 2009 and the Mega Pyramid fields with three wells during 1Q 2009.
The next step is the application for drilling permits for our planned drilling program of four wells in total. Approval of this is expected shortly. Negotiations for hiring of necessary rigs, equipment and manpower are ongoing in parallel. As well as setting the final time schedule for the drilling program. This is expected to be completed before the New Year. According to the plan the drilling shall be completed by the end of March 2009. The final schedule will of course be dependent upon the weather conditions. Completion and startup of production will commence shortly thereafter.
The well drilling sites, as mentioned previously, have been positioned based on amongst other newly acquired seismic and interpretations thereof. Very promising results have yielded from the existing seismic that support our positive expectations of the geological structures in the areas.
The total financing will determine the final extent of the drilling program for the coming winter season 1Q 2009. For an optimal implementation of this, the Company is seeking to raise up to NOK 15 mill of new capital. The Company is issuing up to 60 million new shares at NOK 0,25 per share to all existing shareholders as of 29th October 2008 that have till now subscribed. As of the 15th November the share issue has been open to all potential new shareholders. The subscription period is extended with up to 14 days and continues up until 28th November 2008. All settlement dates described in the application material are also extended with 14 days.
Application form and full prospectus as well as summary and presentation are available for download on the homepage www.nop.as. Netfonds is the settlement agent for the share issue. Procorp w/Gunnar Holen is the financial adviser.
Nordic Petroleum ASA
For more information contact managing director Arild Tolfsen. Mobile 930 99 859 – email: email@example.com