20 Nov 2012 07:00
New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas
20 November 2012
New World Oil and Gas Plc ('New World' or the 'Company')
Target Depth Reached at Blue Creek #2 Well, Belize, Wireline Logging Underway
New World Oil and Gas Plc, the oil and gas exploration and development company focused on Belize and Denmark, is pleased to announce that further to the announcement dated 15 November 2012, that the Blue Creek #2 well located on the Blue Creek Exploration PSA in Northwest Belize reached a total depth ('TD') of 10,490 feet on 19 November 2012.
Oil and gas shows have been present in mud logs recorded throughout the upper and middle Cretaceous intervals, including the Y1, Y2 and Y3 intervals of the Yalbac formation and the Hillbank formation. The next stage, which is currently underway, is to run electric wireline logs in the well which will amongst other things measure certain rock formation characteristics and enable the Company to calculate fluid saturation levels, porosity, and determine rock thicknesses. Subject to the results of this exercise, New World will then determine at what depth intervals to carry out further evaluation which will assess the way forward.
New World CEO William Kelleher said, "We have confirmed that the B Crest prospect is located in a working hydrocarbon system. Encountering oil shows at all targeted intervals is encouraging but there is still more work to be done. Reviewing the results of the open hole wireline logs is the next course of action. I look forward to providing further updates to shareholders as and when we have further information."
The technical content of this announcement has been reviewed and approved by William Kelleher who has been a member of the Society of Petroleum Engineers for 27 years and was done in consultation with the Government of Belize.
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For further information please visit www.nwoilgas.com or contact:
Enquiries:
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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 |
Pascal Keane | Shore Capital | Tel: +44 (0) 20 7408 4090 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
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 |
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. Blue Creek in Belize is the Company's most advanced project where drilling has commenced at B Crest, a prospect with un-risked P50 prospective resources of 92MMbo and a POSg of 1 in 5 as confirmed by a Competent Person. 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. As a result, the Board is actively identifying exploitation opportunities in areas including Africa, South America and South East Asia as it looks to build a leading, diversified oil and gas company.