New World Oil And Gas Share News (NEW)

Northern Petroleum has started drilling operations on the La Tosca-1 well, targeting a 43bn cubic feet of gross mean prospective resource gas prospect. The well is being drilled to evaluate the exploration potential of a gas prospect mapped from 3D seismic on the Longastrino Permit. The well is situated within the gas fairway of the Eastern Po Valley basin, with the Alfonsine gas field located in close proximity to the prospect. Northern's share of the well costs will mostly be covered by its joint venture partner Orca Exploration Group.Providence Resources, an Irish oil and gas exploration and production company, which owns 80% of the Dromberg licence, has said the lower cretaceous prospect demonstrates a significant seismic amplitude anomaly. A recent study on the prospect has concluded that this anomoly appears to have a derived thickness of around 200-300 ft. Mapping shows that the anomaly is aerially extensive covering around 240 square km.New World Oil and Gas, has said that the Danish Energy Authority, which is part of the government of Denmark, has formally approved the assignment of an initial 12.5% working interest in Licences 1/09 and 2/09, totalling 4,107 sq km, located in the Jutland on-shore area in South Western Denmark, to the company's wholly-owned subsidiary, New World Jutland. A further 12.5% will be transferred once the company completes a second phase of seismic acquisition, comprised of 55km of 2D seismic and 75 sq km of 3D seismic on Licence 1/09, in order to map the Jensen Zechstein prospect prior to exploration drilling. NR