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New World exploring projects after last month's funding

The oil explorer is also trying to attract farm-in partners for its projects in Belize and Denmark.
New World exploring projects after last month's funding
The oil minnow said it has now looked at seven projects

New World Oil & Gas (LON:NEW) is looking at acquiring projects and attracting partners for its current sites despite turbulence in the oil sector.

With the price of oil leading to turbulence in the sector, and concerns over its own financing, the company raised £3.5mln last month to pursue acquiring assets.

The oil minnow said it has now looked at seven projects that have the potential to generate immediate or near-term cash-flow.

Chairman Christopher Einchcomb said: “Having completed the placing and open offer, we are now in a strong position to take these discussions further.”

The oil explorer is also trying to attract farm-in partners for its projects in Belize and Denmark.

In Belize, New World wants to drill a new well on the C Prospect at its Blue Creek project.

In Denmark, it has been given extensions to work on three licences until September 15, but may look to relinquish these if a farm-in partner cannot be found.

“The Board maintains its belief that there is significant prospectivity within these licences but in the current oil price environment does not believe that its existing funds would be best allocated to advance these projects without a farm-in partner,” Einchcomb said.

As an exploration and development company there were no revenues in the six months to 30 June and New World made a loss of US$894,000 against US$1.9mln in the first half of 2014.

Shares eased 10.9% to 0.06p.

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New World Oil & Gas Timeline

September 15 2015

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