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New World Oil & Gas down despite positive statement

Thu, 10th Jan 2013 12:34

New World Oil and Gas, a company focused on Belize and Denmark, suffered a decline in its share price on Thursday morning, despite delivering a generally upbeat statement. The group said that operations in Belize are continuing as planned, with the Blue Creek #2A drilled to a measured depth of 10,195 feet as of January 7th. The proposed measured depth of 11,880 feet is expected to be achieved on or before January 20th. In the statement the group said: "The drilling of Blue Creek #2A 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."In south west Denmark the 75 sq km 3-D seismic acquisition programme over the Jensen prospect, which has a prospective resource estimate of 48m barrels of oil, is over half way completed with all seismic lines surveyed and 55% of the 3-D survey recorded to date. The firm said that seismic operations for the prospect are expected to be completed by the end of January 2013. In southern Denmark the group 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. Following this, and based on an updated competent person's report, the company will make a decision on whether to acquire additional 2-D and or 3-D seismic, or to propose drilling the Als prospect in 2013. Chief Executive Officer 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 share price fell 5.63% to 8.38p by 12:56.NR
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13 May 2014 15:45

New World Oil signs agreement for Al-Maraam

New World Oil and Gas, the AIM-quoted oil and gas company, on Tuesday confirmed it had signed a sale purchase agreement (SPA) with the shareholders of Al-Maraam Al-Ahliya Company for General Trading and Contracting. Under the SPA, New World will become a 49% shareholder and hold a 60% economic int

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8 May 2014 13:30

UK MIDDAY BRIEFING: Centrica Warns, Barclays Restructures

LONDON (Alliance News) - British gas parent Centrica has issued a profit warning Thursday, blaming the extreme winter weather in the US but mild conditions in the UK, as well as the intense pressure that's been put on energy providers in the UK in recent months by politicians

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8 May 2014 12:23

UK WINNERS & LOSERS: Standard Chartered, Barclays Lead FTSE 100 Risers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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Barclays, up 4.9%. Barclays has detailed plans to shrink its investment bank with a new round

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8 May 2014 10:04

New World Oil & Gas Moves Closer To Niel Petroleum Investment

LONDON (Alliance News) - New World Oil & Gas Thursday said it has moved a step closer to completing its deal with Niel Petroleum SA, whereby Niel Petroleum plans to invest USD25 million in New World. The company said Kuwaiti businessman Muaaz Alfahaid, representing Al Maram Trading & Contra

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4 Mar 2014 13:31

New World Oil And Gas Has Not Yet Received Niel Petroleum Payment

LONDON (Alliance News) - New World Oil and Gas PLC Tuesday said it has yet to receive USD20.2 million in subscription payments from Niel Petroleum SA. The oil and gas exploration and development company, with operations on Belize and Denmark, said that the balance of agreed subscription fun

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6 Feb 2014 14:07

Sao Tome shortlists four companies in oil block licensing round

SAO TOME, Feb 6 (Reuters) - The government of Sao Tome and Principe has short-listed four companies, including Portugal's Galp Energia, to bid on two oil blocks in its exclusive economic zone, according to a statement released by the state oil company ANP. The tiny Central African island na

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22 Jan 2014 17:14

New World Oil&Gas receives initial funds from Niel Petroleum

Oil exploration outfit New World Oil&Gas notified shareholders that Niel Petroleum had disbursed 4.8m US dollars as part of its agreement to subscribe a total of $25m in new shares to help the company finance the acquisition of near-term production or oil and gas projects already in production. Sa

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20 Nov 2013 17:39

MARKET COMMENT: UK Stocks Close Mixed, Markets Await FOMC Minutes

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20 Nov 2013 12:05

UK WINNERS & LOSERS: Aberdeen Gains Some More, Barclays Likes Barratt

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20 Nov 2013 10:11

STOCKS NEWS EUROPE-UK's AIM small caps index outperforms

The FTSE AIM All Share small caps index edges up to outperform falls on other UK equity indexes. The AIM index is up by 0.1 percent, outperforming declines of 0.1 percent fall on both the blue-chip FTSE 100 index and the FTSE 250 mid-cap index . ServicePower Technologies, a company de

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20 Nov 2013 09:23

New World Oil & Gas Says Continuing To Work On 75% Share Subscription

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29 Oct 2013 12:21

UK WINNERS & LOSERS: Housebuilders Doing Well After Liberum Upgrades

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29 Oct 2013 11:52

New World Oil & Gas Receives Key Renewal Approval At Blue Creek In Belize, Shares Fall 9%

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1 Oct 2013 07:18

New World Oil And Gas Secures Eight-Month Extension At Southern Denmark Project

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19 Sep 2013 13:17

New World Oil & Gas highlights ongoing farm-out discussions

Belize and Denmark-focused exploration and development company New World Oil and Gas on Thursday unveiled interim losses of -9.49m dollars, well ahead of the -1.4m dollars seen for the comparable period of 2012. The majority of those were the result of the write-downs incurred as a result of the d

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