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Thursday 25 October, 2012

New World Oil & Gas

Drilling Update, Belize

RNS Number : 5254P
New World Oil & Gas
25 October 2012
 



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

25 October 2012

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

Drilling Update, Belize

 

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 drilling operations at the B Crest prospect on the Company's flagship Blue Creek Project ('Blue Creek' or 'the Project'), located in the productive Petén Basin in Northwest Belize. 

 

Drilling operations at the Blue Creek #2 well ('the Well') are continuing on schedule and under budget at an average rate of 24ft per hour.  As at 1300 CST in Belize on 24 October 2012, the Well had drilled to a depth of 4,509ft, having passed through anhydrite, dolomite and limestone sequences in line with the Company's geologic prognosis.  The primary objective of the Well lies at 5,700ft in the mid Cretaceous Y2 interval, 1,300ft below the current depth.  The Well remains on course to reach the total depth ('TD') of 7,000ft on or before 15 November 2012 where it expects to have reached the base of the mid Cretaceous Y2 interval. 

 

New World CEO William Kelleher said, "I am pleased to report that drilling operations at B Crest, the first of our three well programme at the Blue Creek Project, Belize, have so far been in line with our expectations and forecast geologic prognosis.  We are 1,300ft above our primary objective, being the Yalbac 2 formation, which we believe to contain multiple payzones for this well.  I will of course provide the market with further updates on our progress in due course."

 

The Blue Creek #2 well is part of the Company's three well drilling programme at Blue Creek, the details of which are included in the table below:

 

Drill Ready Prospects

P50 un-risked prospective resources

P50 NPV10

 

Expected Timetable

B Crest

92 MMbo

US$2.4 billion

H2 2012

West Gallon Jug Crest

113 MMbo

US$2.6 billion

H2 2012

A

124 MMbo

US$3.2 billion

H1 2013

Total

329MMbo

US$8.2 billion


Note: figures are stated on a gross 100% WI ('working interest') basis

 

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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