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New World Oil & Gas (NEW)

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Friday 23 October, 2015

New World Oil & Gas

12 Month Extension to Blue Creek Project PSA

RNS Number : 1883D
New World Oil & Gas
23 October 2015
 

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

23 October 2015

New World Oil and Gas Plc ('New World' or 'the Company', together with its subsidiaries, the 'Group')

12 Month Extension to Blue Creek Project PSA

 

New World Oil and Gas Plc, an oil and gas operating company, is pleased to announce that following a meeting with the Minister of Energy in Belize, the Company has negotiated a 12 month extension to its Production Sharing Agreement ("PSA") for the Group's Blue Creek Project in Belize ("Blue Creek").  The PSA which was previously due to expire on 31 October 2015 will now terminate on 31 October 2016.  

 

While the expiry date of the PSA is extended, the approval restricts the Group's future activity to areas high-graded by New World Oil and Gas (Belize Operations) Ltd. (the PSA holder and a subsidiary of the Company) in its extension application and areas identified as viable drilling targets by the seismic programme conducted in 2012-2013 - namely the A and C Prospects.

 

New World Non-Executive Chairman Christopher Einchcomb said, "We are delighted to have secured a 12 month extension to the Group's Blue Creek PSA as it gives us the opportunity to continue our current negotiations with potential partners on continuing operations.  We continue to analyse different drilling techniques with a view to maximizing our potential chances of success whilst at the same time reducing the net cost to the Group should we decide to conduct future drilling operations.  I look forward to updating shareholders on our progress."

 

**ENDS**

 

Enquiries:



Georges Sztyk

New World Oil and Gas Plc

Tel: +1 646 407 9946

Peter Sztyk

New World Oil and Gas Plc

Tel: +1 917 215 7122




Roland Cornish

Beaumont Cornish Limited (Nomad)

Tel: +44 (0) 20 7628 3396

Felicity Geidt

Beaumont Cornish Limited (Nomad)

Tel: +44 (0) 20 7628 3396




Lottie Brocklehurst

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

Frank Buhagiar

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177




Nicholas Bealer

Cornhill Capital Limited (Broker)

Tel: +44 (0) 20 7710 9612

Andrew Frangos

Cornhill Capital Limited (Broker)

Tel: +44 (0) 20 7710 9611

 

 

 


This information is provided by RNS
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