Nordic Energy (ISDX:NORP), the oil and gas exploration and production company, is negotiating with the Danish Energy Authority (DEA) to extend the first phase of its Danish licence.
The first phase ends on 17 April 2015 whereupon Nordic Energy could proceed to phase 2, which would require the company to pay for a seismic data programme.
At present, the company does not have enough money to finance this, so it has asked for an extension of the first two year phase, which woild give it more time to raise the necessary finance.
Nordic believes that additional technical work could be undertaken prior to shooting seismic and it has entered into discussions with its partner, the Danish North Sea Fund, and the DEA to define an appropriate work programme for the extension phase.
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