Elko Energy Inc, a private oil exploration and development company, announces that the Dutch authorities have awarded a consortium, of which Elko is the operator with 55% interest, a 6 year licence to explore a North Sea block known as P2.
In early 2007, Elko applied for adjacent license blocks P1 and P 2 in the Dutch North Sea. Offshore block P1 was awarded in June 2007 and P2 on February 21 2008.
A number of Rotliegendes gas bearing structures containing an estimated 700 BCF hydrocarbon gas have been confirmed on blocks P1 and P2 through the drilling of 16 exploration wells and 3-D seismic. Work has been started to appraise and develop these gas accumulations.
