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Company New World Oil & Gas
TIDM NEW
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Drilling Update, Belize

Released 07:00 22-Jan-2013
Number 0407W07

RNS Number : 0407W
New World Oil & Gas
22 January 2013
 



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

22 January 2013

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

Drilling Update, Belize

 

Further to the announcement dated 10 January 2013, New World Oil and Gas Plc, the oil and gas exploration and development company focused on Belize and Denmark, announces that as of 0600 CST in Belize on 21 January 2013, the Blue Creek #2A side track ('Blue Creek #2A ST' or the 'Well') had drilled to a Measured Depth ('MD') of 11,490 feet.  The total depth ('TD') of the Well is 11,880 feet.

 

The Well is targeting a potentially significant trap in the Hillbank and Y3, the two oil bearing formations seen in the Blue Creek#2 vertical well ('Blue Creek#2').  Drilling operations have been halted whenever sections of interest in the targeted Hillbank and Y3 formations have been encountered so that core samples can be taken.  As a result, the rate of drilling has been slower than that anticipated in the announcement of 10 January 2013.  A further update will be made once the total depth is reached, at which point a decision will be made regarding testing the Well.

 

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 27 years.

 

* *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 has commenced at B Crest, a prospect with un-risked P50 prospective resources of 92MMbo and a POSg of 1 in 5 as confirmed by a Competent Person.  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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Drilling Update, Belize - RNS