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Company New World Oil & Gas
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Operations Update - Belize and Denmark

Released 07:00 10-Jan-2013
Number 2142V07

RNS Number : 2142V
New World Oil & Gas
10 January 2013
 



New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas

10 January 2013

New World Oil and Gas Plc ('New World' or the 'Company')

Operations Update, Belize and Denmark

 

New World Oil and Gas Plc, an oil and gas exploration and development company focused on Belize and Denmark, is pleased to provide an update on operations across its portfolio of highly prospective exploration projects.  

 

Belize

B Crest Prospect, Blue Creek Project located in the productive Petén Basin

 

Drilling operations are on going at the deviated well, the Blue Creek #2A side track ('Blue Creek #2A ST' or the 'Well'), which is targeting the Hillbank and Y3, the two oil bearing formations seen in the Blue Creek#2 vertical well ('Blue Creek#2').  The objective of Blue Creek #2A ST is to relocate the bottom hole location of Blue Creek#2 by some 4,535 feet to the SSE and up-structure by 150 to 300 feet, where the Company is targeting a potentially significant trap. 

 

As at 7 January 2013, Blue Creek #2A ST was at 10,195 feet Measured Depth ('MD').  The proposed total depth ('TD') is 11,880 feet MD which is expected to be reached on or before 20 January 2013.  The top of the targeted Hillbank and Y3 formations lies at 10,835ft MD. 

 

The drilling of Blue Creek#2A ST has been deliberately controlled at a slower rate than originally expected in order to maintain a gauge wellbore diameter that will maximize log quality.  To date, this has proved effective, resulting in excellent log data quality.

 

Denmark

Licence 1/09 - Danica Jutland Project located in the highly prospective Jutland on-shore area in South West Denmark

 

The 75 sq km 3-D seismic acquisition programme over the Jensen Prospect is over half way completed with all seismic lines surveyed and 55% of the 3-D survey recorded to date.  Seismic operations for Jensen, which has a prospective resource estimate of 48 million barrels of oil ('MMbo') (adjusted to an 80% working interest), are expected to be completed by the end of January 2013 with an updated Competent Person's Report ('CPR') expected in April 2013.

 

Licence 1/08 - Danica Resources Project located in the productive Western Baltic region of the South Permian Basin in Southern Denmark

 

New World is in the final stages of the interpretation of the 161 sq km 2-D seismic acquisition programme which was completed on the Als Prospect in August 2012.  An updated CPR detailing the results of this seismic programme is expected in the coming weeks.  Based on the results of the updated CPR, a decision will be made by the Company and its partners, Danica Resources ApS and the North Sea Fund, on whether to acquire additional 2-D and or 3-D seismic, or to propose drilling the Als prospect in 2013 which has estimated gross (100% working interest basis) P50 prospective resources of 97 MMbo and 1.401 trillion cubic feet ('TCF') of gas. 

 

CEO William Kelleher said, "Drilling in Belize continues to make steady progress towards its objective thanks to the first class work of our operations team on the ground.  We will soon be entering the targeted Y3 and Hill Bank formations where promising oil shows, along with the presence of live oil on the shakers, were observed while drilling the Blue Creek#2 vertical well. 

 

"This is an exciting time for New World on a number of fronts.  Not only will we soon find out if the first of a fully funded multi-well, drilling campaign in Belize has made a commercial hydrocarbon discovery, but we will also have the results of our latest seismic work on our Danish licences, as we look to continue to de-risk the multiple prospects we have already identified to drill-ready status."

 

The technical content of this announcement has been reviewed and approved by William Kelleher who has been a member of the Society of Petroleum Engineers for 28 years, as well as the Government of Belize.

* *ENDS* *

 

For further information please visit www.nwoilgas.com or contact:

Enquiries:

 

William Kelleher

New World Oil and Gas Plc

Tel: +1 713 447 2171

Georges Sztyk

New World Oil and Gas Plc

Tel: +1 646 407 9946

Peter Sztyk

Felicity Geidt

New World Oil and Gas Plc

Beaumont Cornish Limited

Tel: +1 917 215 7122

Tel: +44 (0) 20 7628 3396

Roland Cornish

Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

Jerry Keen

Shore Capital

Tel: +44 (0) 20 7408 4090

Pascal Keane

Shore Capital

Tel: +44 (0) 20 7408 4090

Hugo de Salis

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Lottie Brocklehurst

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Frank Buhagiar

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

 

Notes

New World Oil and Gas Plc is an oil and gas operating company with three highly prospective projects in Belize and Denmark.  New World is operator of all three projects where a systematic programme of seismic acquisition has resulted in multiple prospects being identified and derisked, a number of which have been classified by the Competent Person as being drill ready.  Blue Creek in Belize is the Company's most advanced project where drilling operations are currently underway at the B Crest prospect.  New World also operates two projects in onshore Denmark located in producing basins covering a combined area of over 2.6 million acres, making it the largest holder of acreage in Denmark.

 

Management is constantly evaluating additional projects that would complement the Company's growing portfolio, particularly late stage exploration or early production projects located in basins with large proven reserves that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing. As a result, the Board is actively identifying exploitation opportunities in areas including Africa, South America and South East Asia as it looks to build a leading, diversified oil and gas company.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Operations Update - Belize and Denmark - RNS