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Monday 09 June, 2014

New World Oil & Gas

Danish Licence Extension

RNS Number : 1092J
New World Oil & Gas
09 June 2014
 



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

9 June 2014

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

Extension Secured for Danica Resources Licence 1/08, Denmark

Partial Relinquishment of Licence Area

 

New World Oil and Gas Plc, an oil and gas operating company focused on Denmark and Belize, is pleased to announce that it has secured an extension in work programme commitment deadlines for Licence 1/08 ('the Licence') at its Danica Resources Project ('the Project') in Southern Denmark to 31 January 2015.  This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company's 20% full-paying partner, and approved by the Danish Energy Agency and follows the extension announced on 1 October 2013.  

 

Terms of the Licence Extension:

·    Commit to a new surface geochemical survey over a minimum of two prospects to clarify the existing prospect inventory:

·    Reprocess 24 2-D seismic lines (435.40km) previously acquired over the prospects and leads and integrate the interpretation with existing data;  

·    Commit to acquire 3-D seismic data over one or more prospect by 31 January 2015 in order to be able to commit to drill one exploration well by 31 March 2016, or relinquish the Licence; and

·   If the Licence is not relinquished and New World wishes to continue with exploration by drilling one exploration well, the Danish Energy Agency will be prepared to approve an application for a further extension,  such application to be submitted by 28 February 2016

 

In addition, New World have requested to relinquish a greater part of the offshore part of the Licence Area.  Despite finding the offshore part prospective, the Company have decided that the potential of the area must first be proven onshore before investing in exploration offshore.

 

To date, New World has acquired a total of 205 km of 2-D seismic on Licence 1/08 and, as a result, the Company currently holds a 25% working interest in the Project.  Since acquiring the Licence in 2012, New World has commissioned and released a number of Competent Person's Reports (viewable on the following webpage http://www.nwoilgas.com/projects/danica-resources/),  identifying four drill-ready prospects in Denmark.

 

New World CEO William Kelleher said, "This Licence extension and the agreed work commitments will be very beneficial to our on-going discussions with potential farm-in partners.  Having already made progress in unlocking the value of Danica Resources through seismic acquisition and the identification of a number of prospects and leads, we look forward to further de-risking the Licence through our newly agreed work programme with our partners.  We look forward to updating shareholders on our progress."

 

Update on proposed subscription by Niel Petroleum and Kuwait investment

 

Further to the announcements of 8 and 13 May 2014, in relation to opportunities in Kuwait, the Company confirms that due diligence continues and a further announcement will be made as and when there are further matters to report.  The transaction remains as previously stated, subject to material conditions and the receipt of funds from Niel Petroleum.

 

** 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

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

 

 


This information is provided by RNS
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