The third licence in the Dreki Area in progress


Progress has been made on the processing of the application by Eykon Energy for a licence for exploration and production in the Dreki Area.

Orkustofnun granted Eykon Energy ehf. an extension until 1 May 2013 to name new parties to their application and the agreement of such parties for their participation in the application along with relevant information on the partners as described in the Guide to Application Procedures for the second licensing round. Consequentially, Orkustofnun will process the application of Eykon Energy.

Potential participants have declared interest in cooperating with Eykon Energy on the aforementioned application. Furthermore, Orkustofnun has been notified that the parties involved require more time for discussing potential cooperation before they can make a final decision. Orkustofnun has agreed to extend the deadline for finishing negotiations between the parties to 1 July 2013 as requested by Eykon Energy. The new parties have also requested a meeting with Orkustofnun.

Orkustofnun will have further discussions with Eykon Energy and the potential partners on their application in mid-May. Orkustofnun assumes Eykon Energy will name final participants in their application and the agreement of those parties by the deadline. Consequently, Orkustofnun will take the application by Eykon Energy and others for final processing. The processing of the application may be finished by the end of this year.