|UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM 10-QSB                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|NORDIC NICKEL LTD._____________________________________________________________________________________________________(Exact name of small business issuer as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Nevada
_________________________________________________
(State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Suite 300, 1055 West Hastings Street, Vancouver,
British Columbia, Canada  V6E 2E9_________________________________________________
(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(604) 609-6180_________________________________________________(Issuer's telephone number)_________________________________________________(Former name, former address and former fiscal year, if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  T
       No   L

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes  T
       No   L

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. 46,000,000 shares of common stock as of May 17, 2007.

Transitional Small Business Disclosure Format (check one).      Yes   L        No  T

__________





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NORDIC NICKEL LTD.



Quarterly Report on Form 10-QSB
For the Quarterly Period Ended March 31, 2007



This Form 10-QSB for the quarterly period ended March 31, 2007 contains forward-looking statements that involve risks and uncertainties.  Forward-looking statements in this quarterly report include, among others, statements regarding our capital needs, business plans and expectations.  Such forward-looking statements involve assumptions, risks and uncertainties regarding, among others, the success of our business plan, availability of funds, government regulations, operating costs, our ability to achieve significant revenues, our business model and products and other factors.  Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements.  In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology.  While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events, our actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.  The forward-looking statements in this quarterly report are made as of the date of this quarterly report and we do not intend or undertake to update any of the forward-looking statements to conform these statements to actual results, except as required by applicable law, including the securities laws of the United States.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars.

PART I - FINANCIAL INFORMATION

Item 1.               Financial Statements

The following unaudited financial statements of Nordic Nickel Ltd. are included in this Quarterly Report on Form 10-QSB:

|Description                                       | Page
|------------------------------------------------- | ----
|Balance Sheets                                    | 3   
|Statements of Operations                          | 4   
|Statements of Cash Flows                          | 5   
|Statements of Changes in Stockholders' Deficiency | 6   
|Notes to Financial Statements                     | 7   

__________



- 2 -



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Nordic Nickel Ltd.
(A Development Stage Company)



|                                                              |  | As at 31     March 
2007 |  | As at 31 December 2006
(Audited)
|------------------------------------------------------------- |  | ------------------------ |  | --------------------------------
|                                                              |  | $                        |  | $                               
|Assets                                                        |  |                          |  |                                 
|                                                              |  |                          |  |                                 
|Current                                                       |  |                          |  |                                 
|Cash and cash equivalents                                     |  | 198,044                  |  | 27,472                          
|                                                              |  |                          |  |                                 
|Unproven Oil and gas exploration property(Note 3)             |  | 481,504                  |  | 513,604                         
|                                                              |  |                          |  |                                 
|                                                              |  | 679,548                  |  | 541,076                         
|                                                              |  |                          |  |                                 
|Liabilities                                                   |  |                          |  |                                 
|                                                              |  |                          |  |                                 
|Current                                                       |  |                          |  |                                 
|Accounts payable and accrued liabilities (Note 4)             |  | 41,136                   |  | 7,733                           
|Convertible debentures (Note 5)                               |  | 755,146                  |  | 736,755                         
|Due to related party (Note 6)                                 |  | 2,298                    |  | 2,298                           
|                                                              |  |                          |  |                                 
|                                                              |  | 798,580                  |  | 746,786                         
|                                                              |  |                          |  |                                 
|Stockholders' deficiency                                      |  |                          |  |                                 
|Capital stock (Note 8)                                        |  |                          |  |                                 
|Authorized                                                    |  |                          |  |                                 
|300,000,000 common shares, par value $0.001 and               |  |                          |  |                                 
|50,000,000 preferred shares, par value $0.001                 |  |                          |  |                                 
|Issued and outstanding                                        |  |                          |  |                                 
|31  March 2007 - 46,000,000 common shares, par value $0.001   |  |                          |  |                                 
|31 December 2006 - 42,000,000 common shares, par value $0.001 |  | 46,000                   |  | 46,000                          
|Share subscriptions received in advance(Note 8)               |  | 185,150                  |  | -                               
|Additional paid in capital                                    |  | 99,000                   |  | 98,400                          
|Deficit, accumulated during the development stage             |  | (449,182)                |  | (350,110)                       
|                                                              |  |                          |  |                                 
|                                                              |  | (119,032 )               |  | (205,710)                       
|                                                              |  |                          |  |                                 
|                                                              |  | 679,548                  |  | 541,076                         





Nature and Continuance of Operations (Note 1), Commitment(Note 11) and Subsequent Events(Note 12)



On behalf of the Board:



"James MacKenzie"Director







The accompanying notes are an integral part of these financial statements.

- 3 -



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Nordic Nickel Ltd.
(A Development Stage Company)



|                                                                                |  |  |  |  |  | For the 
period from the date of inception on 
6 March 
2000 to 31 March
2007 |  | For the three month 
period ended 31 March 
2007 |  | For the three month
period ended 31 March 
2006
|------------------------------------------------------------------------------- |  |  |  |  |  | ----------------------------------------------------------------------------- |  | ------------------------------------------------ |  | -----------------------------------------------
|                                                                                |  |  |  |  |  | $                                                                             |  | $                                                |  | $                                              
|                                                                                |  |  |  |  |  |                                                                               |  |                                                  |  |                                                
|Expenses                                                                        |  |  |  |  |  |                                                                               |  |                                                  |  |                                                
|Amortization (Note 3)                                                           |  |  |  |  |  | 160,503                                                                       |  | 32,100                                           |  | -                                              
|Default lease deposit                                                           |  |  |  |  |  | 25,000                                                                        |  | -                                                |  | -                                              
|Interest on convertible debentures (Note 5)                                     |  |  |  |  |  | 70,146                                                                        |  | 18,391                                           |  | 475                                            
|Management fees (Notes 6 and 7)                                                 |  |  |  |  |  | 33,200                                                                        |  | 21,200                                           |  | 3,000                                          
|Office and miscellaneous                                                        |  |  |  |  |  | 18,102                                                                        |  | 843                                              |  | 406                                            
|Professional fees                                                               |  |  |  |  |  | 139,231                                                                       |  | 25,938                                           |  | 4,443                                          
|Rent (Notes 6 and 7)                                                            |  |  |  |  |  | 3,000                                                                         |  | 600                                              |  | 600                                            
|                                                                                |  |  |  |  |  |                                                                               |  |                                                  |  |                                                
|Net loss for the period                                                         |  |  |  |  |  | (449,182)                                                                     |  | (99,072)                                         |  | (8,924)                                        
|                                                                                |  |  |  |  |  |                                                                               |  |                                                  |  |                                                
|Basic and diluted loss per common share                                         |  |  |  |  |  | (0.0022)                                                                      |  | (0.0002)                                        
|                                                                                |  |  |  |  |  |                                                                               |  |                                                  |  |                                                
|Weighted average number of common shares used in per share calculations(Note 2) |  |  |  |  |  |                                                                               |  | 46,000,000                                       |  | 43,422,222                                     



















The accompanying notes are an integral part of these financial statements.





- 4 -



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Nordic Nickel Ltd.
(A Development Stage Company)



|                                                                       | For the period from the date 
of inception 
on 6 March 
2000 to 31
March 2007 | For the three month period ended 31 
March 2007 | For the three month period ended 31 
March 2006
|---------------------------------------------------------------------- | ----------------------------------------------------------------------------- | ----------------------------------------------- | -----------------------------------------------
|                                                                       |                                                                               | $                                               |                                                
|                                                                       |                                                                               |                                                 |                                                
|Cash flows from operating activities                                   |                                                                               |                                                 |                                                
|Net loss for the period                                                |                                                                               | (449,182)                                       |                                                
|Adjustments to reconcile loss to net cash used by operating activities |                                                                               |                                                 |                                                
|Accrued interest (Note 5)                                              |                                                                               | 70,146                                          |                                                
|Amortization (Note 3)                                                  |                                                                               | 160,503                                         |                                                
|Contributions to capital by related party - expenses (Notes 6 and 7)   |                                                                               | 15,000                                          |                                                
|Changes in operating assets and liabilities                            |                                                                               |                                                 |                                                
|Increase in accounts payable and accrued liabilities                   |                                                                               | 41,135                                          |                                                
|                                                                       |                                                                               |                                                 |                                                
|                                                                       |                                                                               | (162,398)                                       |                                                
|                                                                       |                                                                               |                                                 |                                                
|Cash flows from investing activities                                   |                                                                               |                                                 |                                                
|Purchase of oil and gas property (Note 3)                              |                                                                               | (642,006)                                       |                                                
|                                                                       |                                                                               |                                                 |                                                
|Cash flows from financing activities                                   |                                                                               |                                                 |                                                
|Convertible debentures                                                 |                                                                               | 685,000                                         |                                                
|Common shares issued for cash                                          |                                                                               | 130,000                                         |                                                
|Increase in due to related parties                                     |                                                                               | 2,298                                           |                                                
|Paid share subscriptions                                               |                                                                               | 185,150                                         |                                                
|                                                                       |                                                                               |                                                 |                                                
|                                                                       |                                                                               | 1,002,448                                       |                                                
|                                                                       |                                                                               |                                                 |                                                
|Increase (decrease) in cash and cash equivalents                       |                                                                               | 198,044                                         |                                                
|                                                                       |                                                                               |                                                 |                                                
|Cash and cash equivalents, beginning of period                         |                                                                               | -                                               |                                                
|                                                                       |                                                                               |                                                 |                                                
|Cash and cash equivalents, end of period                               |                                                                               | 198,044                                         |                                                





Supplemental Disclosures with Respect to Cash Flows











The accompanying notes are an integral part of these financial statements.

- 5 -



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Nordic Nickel Ltd.
(A Development Stage Company)Statements of Changes in Stockholders' Deficiency
(Expressed in U.S. Dollars) 
(Unaudited)



|                                                     | Number of 
shares issued | Share Capital | Additional 
paid-in capital | Share subscriptions 
in advance | Deficit,
 accumulated 
during the development stage | Total Stockholders' deficiency
|---------------------------------------------------- | ------------------------ | ------------- | --------------------------- | ------------------------------- | --------------------------------------------------- | ------------------------------
|                                                     |                          |               |                             | $                               |                                                     | $                             
|Balance at 6 March 2000 (inception)                  |                          |               |                             |                                 |                                                     |                               
|Common shares issued - cash                          |                          | 2,000,000     |                             | 2,000                           |                                                     | 1,000                         
|Net loss for the period                              |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2000                          |                          | 2,000,000     |                             | 2,000                           |                                                     | 1,000                         
|Common shares issued - cash                          |                          | 5,000,000     |                             | 5,000                           |                                                     | 42,000                        
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2001                          |                          | 7,000,000     |                             | 7,000                           |                                                     | 43,000                        
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2002                          |                          | 7,000,000     |                             | 7,000                           |                                                     | 43,000                        
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2003                          |                          | 7,000,000     |                             | 7,000                           |                                                     | 43,000                        
|3 for 1 forward split                                |                          | 14,000,000    |                             | 14,000                          |                                                     | (14,000)                      
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2004                          |                          | 21,000,000    |                             | 21,000                          |                                                     | 29,000                        
|2 for 1 forward split                                |                          | 21,000,000    |                             | 21,000                          |                                                     | (21,000)                      
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 December 2005                          |                          | 42,000,000    |                             | 42,000                          |                                                     | 8,000                         
|Common shares issued -  cash                         |                          | 4,000,000     |                             | 4,000                           |                                                     | 76,000                        
|Contributions to capital by related party - expenses |                          | -             |                             | -                               |                                                     | 14,400                        
|Net loss for the year                                |                          | -             |                             | -                               |                                                     | -                             
|Balance at 31 December 2006                          |                          | 46,000,000    |                             | 46,000                          |                                                     | 98,400                        
|Contributions to capital by related party - expenses |                          | -             |                             | -                               |                                                     | 600                           
|Share subscription received in advance               |                          | -             |                             |                                 |                                                     | -                             
|Net loss for the period                              |                          | -             |                             | -                               |                                                     | -                             
|                                                     |                          |               |                             |                                 |                                                     |                               
|Balance at 31 March 2007                             |                          | 46,000,000    |                             | 46,000                          |                                                     | 99,000                        







The accompanying notes are an integral part of these financial statements.

- 6 -



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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





1.          Nature and Continuance of Operations



Nordic Nickel Ltd. (the "Company") was incorporated in the State of Nevada under the name "Crafty Admiral Enterprises, Ltd." on March 6, 2000. On March 9, 2007 we changed our name to "Nordic Nickel Ltd.". We changed our name pursuant to a parent/subsidiary merger between us (as "Crafty Admiral Enterprises, Ltd.") and our wholly-owned non-operating subsidiary, Nordic Nickel Ltd., which we established for the purpose of giving effect to this name change. The Company is in the development stage as its operations principally involve research and development, market analysis, and other business planning activities, and no revenue has been generated to date.



The Company is a development stage enterprise, as defined in Statements of Financial Accounting Standards ("SFAS") No. 7. The Company is devoting all of its present efforts in securing and establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period.



The Company's financial statements as at 31 March 2007 and for the three months then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.  The Company had a loss $99,072 for the three months ended 31 March 2007 (2006 - $8,924) and has working capital deficit of $600,536 at 31 March 2007 (31 December 2006 - $719,314).



Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital.  Management believes that the Company's capital resources should be adequate to continue operating and maintaining its business strategy during the fiscal year ending 31 December 2007.  However, if the Company is unable to raise additional capital in the near future, due to the Company's liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favourable terms and/or pursue other remedial measures.  These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.



On 27 June 2006, the Company acquired a 100% interest in a mineral, oil and gas property lease located in St. Francis County, Arkansas (the "Tombaugh Lease") for cash payment of $642,006. Since acquiring our interest under the Tombaugh Lease, the Company has shifted its focus from the oil and gas sector to seeking business opportunities in relation to nickel deposits in selected Nordic regions. The Company is not currently engaged in a business and had suffered losses from development stage activities to date.  Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing and or a partner there is no assurance these activities will be successful.   This raises substantial doubt about the ability of the Company to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

- 7 -



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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





2.          Significant Accounting Policies



The following is a summary of significant accounting policies used in the preparation of these financial statements.



Basis of presentation



The accompanying unaudited interim financial statements have been prepared as of 31 March 2007 and for the three month period then ended, in accordance with accounting principles generally accepted in the United States of America.  Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three month period ended 31 March 2007 are not necessarily indicative of the results that may be expected for the year ending 31 December 2007.



These interim financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements, except as noted below.  These interim financial statements should be read in conjunction with the audited financial statements of the Company as at 31 December 2006.



Recent accounting pronouncement



In March 2006, the Financial Accounting Standards Board (the "FASB")issued Statement of Financial Accounting Standards ("SFAS") No. 156, "Accounting for Servicing of Financial Assets", which amends SFAS No. 140.  SFAS No. 156 may be adopted as early as 1 January 2006, for calendar year-end entities, provided that no interim financial statements have been issued.  Those not choosing to early adopt are required to apply the provisions as of the beginning of the first fiscal year that begins after 15 September 2006 (e.g., 1 January 2007, for calendar year-end entities).  The intention of the new statement is to simplify accounting for separately recognized servicing assets and liabilities, such as those common with mortgage securitization activities, as well as to simplify efforts to obtain hedge-like accounting.  Specifically, the FASB said SFAS No. 156 permits a servicer using derivative financial instruments to report both the derivative financial instrument and related servicing asset or liability by using a consistent measurement attribute, or fair value.  The adoption of SFAS No. 156 is not expected to have a material impact on the Company's financial position, results of operations or cash flows.



In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid Financial Instruments", which amends SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities" and SFAS No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". SFAS No. 155 permits fair value measurement for any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation, establishes a requirement to evaluate interests in securitized financial assets to identify interests that are freestanding derivatives or hybrid financial instruments containing embedded derivatives.  The adoption of SFAS No. 155 is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





3.          Unproven Oil and Gas Exploration Property



Tombaugh Farms Property - St. Francis County, Arkansas

On 27 June 2006,  the Company acquired a 100% interest in a mineral, oil and gas property lease located in St. Francis County, Arkansas (the "Tombaugh Lease") for an up front cash payment of $642,006.  The lease is for a period of five years and is subject to a 19% royalty on oil and other liquid hydrocarbons produced, saved and sold, and can be extended at the option of the Company for an additional five years on the same terms.





|                                                          |  | Balance at 31 March 2007 |  | Balance at 31 December 2006
|--------------------------------------------------------- |  | ------------------------ |  | ---------------------------
|                                                          |  | $                        |  | $                          
|Unproven Oil and gas properties consist of the following: |  |                          |  |                            
|Undeveloped properties                                    |  | 481,504                  |  | 513,604                    
|                                                          |  |                          |  |                            
|                                                          |  | 481,504                  |  | 513,604                    





The following sets forth costs incurred for oil and gas property acquisition and development activities, whether capitalized or expensed.





|                       |  | During the period ended 31 March 2007 |  | During the year ended 31 December 2006
|---------------------- |  | ------------------------------------- |  | --------------------------------------
|                       |  | $                                     |  | $                                     
|                       |  |                                       |  |                                       
|Acquisition - unproved |  | 513,604                               |  | 642,006                               
|Development            |  | -                                     |  | -                                     
|Exploration            |  | -                                     |  | -                                     
|Amortization           |  | (32,100)                              |  | (128,403)                             
|                       |  |                                       |  |                                       
|                       |  | 481,504                               |  | 513,604                               





4.          Accounts Payable and Accrued Liabilities



Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year.

- 9 -



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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





5.          Convertible Debentures



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Balance at 31 March 2007 | Balance at 31 December 2006
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------ | ---------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | $                        |                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                          |                            
|Issued in September 2005, the convertible debentures bear interest at a rate of 9.5% per annum on any unpaid principle balances, are unsecured, and have no fixed terms of repayment.  The holders of the convertible debentures have the right to convert any portion of the unpaid principle and/or accrued interest into restricted common shares of the Company at any time within twenty-four months from the issue date on the basis of $0.02 per common share for the total amount outstanding.  The balance of $22,907 outstanding at 31 March 2007 consists of principle and unpaid accrued interest of $20,000 and $2,907 respectively.                                                                                                                                                                                                                                   |  | 22,907                   |                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                          |                            
|Issued in April 2006, the convertible debenture bears interest at a rate of 10% per annum on any unpaid principle balance, is secured by a general charge on the assets of the Company, and has no fixed terms of repayment.  The holder of the convertible debenture has the right to convert any portion of the unpaid principle and/or accrued interest at any time within thirty-six months for the issue date, on the basis of $1.00 per unit where a unit consists of one common share and one warrant to purchase one common share of the Company for $1.75 for a period of twenty-four months from the date of conversion.  On 21 August 2006 the company repaid $250,000 of the balance owing. The balance of $284,430 outstanding at 31 March 2007 consists of principle and unpaid accrued interest of $250,000 and $34,430 respectively.                                |  | 284,430                  |                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                          |                            
|Issued in June 2006, the convertible debenture bears interest at a rate of 10% per annum on any unpaid principle balance, is secured by a general charge on the assets of the Company, and has repayment terms wherein the principle and accrued interest shall be due the later of (i) sixty days after the date the convertible debenture was issued or (ii) upon the lenders written demand for repayment.  The holder of the convertible debenture has the right to convert any portion of the unpaid principle and/or accrued interest into common shares of the Company at any time and from time to time prior to the maturity date on the basis of $0.70 per share for each dollar of principle and interest due and payable.  The balance of $447,809 outstanding at 31 March 2007 consists of principle and unpaid accrued interest of $415,000 and $32,809 respectively. |  | 447,809                  |                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |                          |                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | 755,146                  |                            



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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





6.          Due to Related Party



As at 31 March 2007, the amount in due to related party consists of $2,298 (31 December 2006 - $2,298) payable to a former director and shareholder of the Company.  This balance is non-interest bearing, unsecured, and have no fixed terms of repayment.



7.          Related Party Transactions



During the three month period ended 31 March 2007, an officer, director and shareholder of the Company made contributions to capital for rent of $600 (31 March 2006 - $600, cumulative - $3,000).  This amount has been recorded as an increase in expenditures and an increase in additional paid-in capital.



During the three month period ended 31 March 2007, $10,600 was paid or accrued to an officer and director of the Company for management services and an additional $10,600 was paid or accrued to a company controlled by a second officer and director of the Company (31 March 2006 $3,000 - cumulative $33,200).



8.          Capital Stock



Authorized



The total authorized capital consist of:



- 300,000,000 of common shares with par value of $0.001
- 50,000,000 of preferred shares with par value of $0.001



Issued and outstanding



The total issued and outstanding capital stock is 46,000,000 common shares with a par value of $0.001 per share.



Share subscriptions received in advance



Share subscriptions received in advance consists of $183,500 received by the Company for 529,000 common shares that were not yet issued at 31 March 2007.  These shares were issued subsequent to 31 March 2007 (Note 12).



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Nordic Nickel Ltd.
(A Development Stage Company)





9.          Income Taxes



The Company has losses carried forward for income tax purposes to 31 March 2007.  There are no current or deferred tax expenses for the period ended 31 March 2007 due to the Company's loss position. The Company has fully reserved for any benefits of these losses.  The deferred tax consequences of temporary differences in reporting items for financial statement and income tax purposes are recognized, as appropriate. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company's ability to generate taxable income within the net operating loss carryforward period.  Management has considered these factors in reaching its conclusion as to the valuation allowance for financial reporting purposes.



The provision for refundable federal income tax consists of the following:





|                                                     |  | For the three month period ended 31 March 2007 |  | For the three month period ended 31 March 2006
|---------------------------------------------------- |  | ---------------------------------------------- |  | ----------------------------------------------
|                                                     |  | $                                              |  | $                                             
|                                                     |  |                                                |  |                                               
|Deferred tax asset attributable to:                  |  |                                                |  |                                               
|Current operations                                   |  | 33,685                                         |  | 3,034                                         
|Temporary difference                                 |  | (10,914)                                       |  | -                                             
|Contributions to capital by related party - expenses |  | (204)                                          |  | (1,224)                                       
|Less: Change in valuation allowance                  |  | (22,567)                                       |  | (1,810)                                       
|                                                     |  |                                                |  |                                               
|Net refundable amount                                |  | -                                              |  | -                                             



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Nordic Nickel Ltd.
(A Development Stage Company)





The composition of the Company's deferred tax assets as at 31 March 2007 and 31 December 2006 is as follows:





|                                           |  | As at 31 March 
2007 |  | As at 31 December 
2006
(Audited)
|------------------------------------------ |  | -------------------- |  | ---------------------------------
|                                           |  | $                    |  | $                                
|                                           |  |                      |  |                                  
|Net income tax operating loss carryforward |  | (273,680)            |  | (207,308)                        
|                                           |  |                      |  |                                  
|Statutory federal income tax rate          |  | 34%                  |  | 34%                              
|Effective income tax rate                  |  | 0%                   |  | 0%                               
|                                           |  |                      |  |                                  
|Deferred tax assets                        |  |                      |  |                                  
|Tax loss carryforward                      |  | (93,051)             |  | 70,485                           
|Less: Valuation allowance                  |  | 93,051               |  | (70,485)                         
|                                           |  |                      |  |                                  
|Net deferred tax asset                     |  | -                    |  | -                                





The potential income tax benefit of these losses has been offset by a full valuation allowance.



As at 31 March 2007, the Company has an unused net operating loss carryforward balance of approximately $273,680 that is available to offset future taxable in come.  This unused net operating loss carryforward balance for income tax purposes expires between the years 2020 to 2028.

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Nordic Nickel Ltd.
(A Development Stage Company)Notes to Financial Statements
(Expressed in U.S. Dollars)
(Unaudited)31 March 2007





10.        Supplemental Disclosure with Respect to Cash Flows





|                                           |  | For the 
period
from the 
date of inception 
on 6 
March 
2000 to 31 March 
2007 |  | For the 
three 
month 
period 
ended
31 March  2007 |  | For the 
three 
month 
period
ended
31 March
2006
|------------------------------------------ |  | -------------------------------------------------------------------------------- |  | --------------------------------------------------- |  | -------------------------------------------------
|                                           |  | $                                                                                |  | $                                                   |  | $                                                
|                                           |  |                                                                                  |  |                                                     |  |                                                  
|Cash paid during the year for interest     |  | -                                                                                |  | -                                                   |  | -                                                
|Cash paid during the year for income taxes |  | -                                                                                |  | -                                                   |  | -                                                





During the three months ended 31 March 2007 the Company accrued interest of $18,391 on convertible debentures (2006 - $475, cumulative - $70,146) (Note 5).



11.        Commitment



The Company is committed to issuing common shares of the Company under the terms of existing convertible debentures (Note 5).



12.        Subsequent Event



On 23 April 2007 the Company issued 1,437,000 common shares for proceeds of $502,950 pursuant to a private placement (Note 8).



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Item 2.               Management's Discussion and Analysis or Plan of Operations

As used in this quarterly report: (i) the terms "we", "us", "our" and the "Company" mean Nordic Nickel Ltd.; (ii) "SEC" refers to the Securities and Exchange Commission; (iii) "Securities Act" refers to the Securities Act of 1933, as amended; (iv) "Exchange Act" refers to the Securities Exchange Act of 1934, as amended; and (v) all dollar amounts refer to United States dollars unless otherwise indicated.

The following discussion of our plan of operations, results of operations and financial condition as at and for the three months ended March 31, 2007 should be read in conjunction with our unaudited interim financial statements and related notes for the three months ended March 31, 2007 included in this quarterly report.



Overview

We were incorporated in the State of Nevada under the name "Crafty Admiral Enterprises, Ltd." on March 6, 2000.  We were originally organized to engage in the business of the sale of classic auto parts to classic auto owners all over the world through an Internet site/online store; however, we were unsuccessful in implementing the online store and were unable to afford the cost of purchasing, warehousing and shipping the initial inventory required to get the business started.  As a result, we ceased operations in approximately July 2002.  We remained inactive and did not conduct any business from July 2002 until our fiscal year ended December 31, 2006.  During our fiscal year ended December 31, 2006, our sole officer and director determined that it would be in the best interest of the shareholders of the corporation that we should become active again and actively seek potential operating businesses and business opportunities with the intent to acquire or merge with such businesses.  We are considered a "shell" corporation, and as such, our principal business purpose has been to locate and consummate a merger or acquisition with a private entity.



On June 27, 2006, we acquired a 100% interest in a mineral, oil and gas property located on 1,426 in St. Francis County, Arkansas for a cash payment of $642,006, pursuant to an oil and gas agreement we entered into on April 29, 2006 (the "Tombaugh Lease").  We have not yet determined whether this property contains any reserves that may be economically feasible.  We are negotiating the sale of this property to allow us to focus on seeking business opportunities in relation to developing nickel deposits in Finland, Norway and Western Russia.



Since acquiring our interest under the Tombaugh Lease in June 2006, we have shifted our focus from the oil and gas sector to seeking business opportunities in relation to nickel deposits in selected Nordic regions.  In order to better reflect the nature of our business focus, on March 9, 2007, we amended our Articles of Incorporation to change our name to "Nordic Nickel Ltd."  We changed our name pursuant to a parent/subsidiary merger between us (as "Crafty Admiral Enterprises, Ltd.") and our wholly-owned non-operating subsidiary, Nordic Nickel Ltd., which we established for the purpose of effectuating this name change.  In accordance with Section 92A.180 of the Nevada Revised Statutes, shareholder approval was not required to effectuate this merger and name change.

Plan of Operations

Since acquiring our interest under the Tombaugh Lease in June 2006, we have shifted our focus from the oil and gas sector to seeking business opportunities in relation to nickel deposits in selected Nordic regions.  As such, we do not have any specific plans to explore the property underlying the Tombaugh Lease over the next 12 months and, in fact, we are negotiating the sale of this property.  During the next 12 months, we intend to seek out and pursue possible merger or acquisition partners relating to exploration of nickel deposits in Nordic countries.  We have had no revenues to date and as at March 31, 2007, we had cash and cash equivalents of $198,044 and a working capital deficit of $600,536.  As such, we anticipate that we will need to obtain additional financing in order to pursue our current planned business objective of locating, and entering into, a merger or acquisition.

Results of Operations

We have not had any revenues from operations for the past two fiscal years.  We had a net loss of $99,072 for the three month period ended March 31, 2007 as compared to a net loss of $8,924 for the three month period ended March 31, 2006.  The increase in our net loss was primarily the result of amortization of $32,100 for the three months ended March 31, 2007 ($nil for the three months ended March 31, 2006) with respect to the acquisition of our interest in oil and gas property under the Tombaugh Lease; $18,391 in interest payments on convertible debentures for the three months ended March 31, 2007 ($475 for the three months ended March 31, 2006); $21,200 in management fees for the three months ended March 31, 2007 ($3,000 for the three months ended March 31, 2006--the increase in management fees are due to the appointment of a new CEO and CFO who are actively seeking business opportunities in relation to nickel deposits in selected Nordic regions); and $25,938 in professional fees for the three months ended March 31, 2007 ($4,443 for the three months ended March 31, 2006).  The $21,495 increase in professional fees between the three months ended March 31, 2006 and the three months ended March 31, 2007 resulted largely from the following expenses incurred during the three month period ended March 31, 2007:  $13,000 to develop the company's new web site (www.nordicnickel.com) and approximately $5,100 for legal fees associated with activities related to our new corporate direction.

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Liquidity and Capital Resources

At March 31, 2007, our only source of liquidity was our cash and cash equivalents in the amount of $198,044.  At March 31, 2007, we had a working capital deficit of $600,536.  Although we believe that our existing cash balance is sufficient for our near-term day-to-day operating needs, the extent to which such funds will be sufficient to meet our cash requirements for the next twelve months is subject to a number of uncertainties, the most important of which is our ability to locate a suitable business to enter into a merger or acquisition with in order to generate sufficient revenues and cash flows to support and continue operations.

On April 17, 2007 we completed a non-registered US$502,950 private equity financing by issuing 1,437,000 of its common shares at a price of US$.35 per share.

Operating Activities

Operating activities in the three month periods ended March 31, 2007 and 2006 used cash of $14,578 and $2,660, respectively, which reflect our recurring operating losses.

Investing Activities

In the three month periods ended March 31, 2007 and 2006, we did not engage in any investing activities.

Financing Activities

As we have had no revenues since inception, we have financed our operations primarily by using existing capital reserves, obtaining debt financing and through private placements of our stock.  Financing activities in the three month periods ended March 31, 2007 and 2006, provided net cash of $185,150 from share subscriptions received in advance from investors in the non-registered private equity financing which closed on April 17, 2207, as described above, and $80,000 from the sale of common shares, respectively.

Significant Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis.  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements.  In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances.  Actual results could differ from those estimates made by management.

Significant accounting policies used in the preparation of our financial statements are set forth in Note 2 to our unaudited financial statements for the three month period ended March 31, 2007.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes of financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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Item 3.               Controls and Procedures.

As required by Rule 13a-15 under the Exchange Act, we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report.  This evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer.  Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective as at the end of the period covered by this quarterly report to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the SEC.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within time periods specified in the Securities and Exchange Commission's rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

There have been no changes in our internal controls over financial reporting that occurred during our most recent quarterly period that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

__________

PART II - OTHER INFORMATION

Item 1.               Legal Proceedings.

We are currently not a party to any material legal proceedings and, to our knowledge, no such proceedings are threatened or contemplated.

Item 2.               Unregistered Sales of Equity Securities and Use of Proceeds.

Subsequent to the period covered by this Quarterly Report on Form 10-QSB, on April 23, 2007 the Company issued 1,437,000 common shares for proceeds of $502,950 pursuant to a private placement.

Item 3.               Default Upon Senior Securities.

None.

Item 4.               Submission of Matters to a Vote by Security Holders.

None.

Item 5.               Other Information.

None.

Item 6.               Exhibits.

The following exhibits are include with this Quarterly Report on Form 10-QSB:

|Exhibit No. | Exhibit Description                   
|----------- | --------------------------------------
|3.1         | Original Articles of Incorporation (1)
|3.2         | Articles of Merger (2)                
|3.2         | Bylaws (1)                            

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|Exhibit No. | Exhibit Description                                                                            
|----------- | -----------------------------------------------------------------------------------------------
|31.1        | Rule 13a-14(a)/15(d)-14(a) Certification of Chief Executive Officer (3)                        
|31.2        | Rule 13a-14(a)/15(d)-14(a) Certification of Chief Financial Officer(3)                         
|32.1        | 18 U.S.C. Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer(3)

__________________________________________

1. Previously filed with the SEC as an exhibit to our Registration Statement on Form 10-SB12G, as filed with the SEC on May 6, 2003.
2. Previously filed with the SEC as an exhibit to our Annual Report on Form 10-KSB for the year ended December 31, 2006, as filed with the SEC on April 10, 2007.  The Articles of Merger, filed with the Nevada Secretary of State on March 1, 2007, amended our Articles of Incorporation to change our name to "Nordic Nickel Ltd." effective March 9, 2007.
3. Filed herewith.



__________



- 18 -



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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|NORDIC NICKEL LTD.
|------------------
|By:               
|                  
|                  

__________



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