New World Oil And Gas Share News (NEW)

New World Oil and Gas, an oil and gas operating company focused on Denmark and Belize, has secured a six-month extension in work programme commitment deadlines for Licences 1/09 and 2/09 at its Danica Jutland Project in Western Denmark. The company said that the extension had been discussed with Danica Jutland ApS and the Danish North Sea Fund, the company's 20% full-paying partner, and approved by the Danish Energy Agency. It said that the agreement would allow the results of the recent acquisition of 3D seismic survey and some soil geochemistry work over the Jensen prospects to be incorporated into a forward work programme on these licences. In addition to allowing New World more time to evaluate the 3D data interpretation and the prospects defined by the survey, the extra six months would provide New World with more time to continue on-going discussions with potential farm-in partners, the group added. William Kelleher, Chief Executive Officer of New World Oil and Gas, said: "We continue our efforts to secure a farm-out agreement that will allow us to drill as many of our drill-ready prospects as possible at our Danica Jutland Project and, at the same time, highlight the value we have created to date through our seismic acquisition programme. "With the probability of geologic success currently estimated at one in eight by our competent person, it is our intention to share risks and costs in Denmark going forward. We will update the market on the results of the recent seismic activity and our discussions with potential farm-in partners in the coming weeks."New World Oil and Gas' share price was down 5.88% at 80p by 08:14 on Monday.MF