28 Jun 2013 10:00
New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas
28 June 2013
New World Oil and Gas Plc ('New World' or the 'Company')
Blue Creek Project Working Interest Increased to 100%
New World Oil and Gas Plc, an oil and gas operating company focussed on Belize and Denmark, announces that the Belize Ministry of Energy, Science & Technology and Public Utilities has formally approved the assignment of the final 25% working interest in the Blue Creek Project located in the producing Petén Basin in Northwest Belize ('the Project') to New World's wholly owned subsidiary, New World Oil and Gas (Belize) Ltd ('NW Belize'). This assignment, which was approved following the drilling of an exploration well on the West Gallon Jug Crest prospect, as detailed in the Farm-Out Agreement ('FOA') announced on 16 June 2011, brings the Company's total working interest in the Project to 100%.
New World CEO William Kelleher said, "Earning into 100% working interest in the Blue Creek project, Belize, marks the end of the required work programme as agreed in our farm-out agreement with Blue Creek Exploration, which exceeds the requirements of the Belize government under the terms of the PSA. New World is now ideally positioned to seek a farm-in partner to continue its exploration programme in Belize where a number of prospective locations remain to be drilled. As previously announced, New World has set up a virtual data room at RPS Energy Services, and we have received enquiries from several interested parties with whom discussions are on-going."
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Notes
New World Oil and Gas Plc is an oil and gas operating company with three highly prospective projects in Belize and Denmark. New World is operator of all three projects where a systematic programme of seismic acquisition has resulted in multiple prospects being identified and derisked, a number of which have been classified by the Competent Person as being drill ready. New World also operates two projects in onshore Denmark located in producing basins covering a combined area of over 2.6 million acres, making it the largest holder of acreage in Denmark.
Management is constantly evaluating additional projects that would complement the Company's growing portfolio, particularly late stage exploration or early production projects located in basins with large proven reserves that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing.