In less than three weeks contractors have drilled down to 3,150 feet and expect to hit the target depth of 7,000 feet “on or before” November 15.
The well is targeting what’s called the Cretaceous Y2 interval.
And if a discovery is made, field operations are expected to continue through to the year-end and into next year to determine the total potential of any find.
An independent report compiled by RPS Energy assigns an un-risked P50 resource (ie a 50 per cent chance of oil or gas being produced) of 92 million barrels of oil to B Crest.
It is the smallest of three prospects with a total P50 resource of 329 million barrels and a net present value of US$8.2 billion.
New World chief executive William Kelleher said: "Having reduced the geologic risk of our Belizean prospects by 60 per cent through a successful multi stage seismic programme and now commenced drilling, we will be in a position to judge whether we have made an oil discovery by mid November 2012.
“Meanwhile in line with our strategy, a similar de-risking process at our Danica Jutland and Danica Resources projects in Denmark is proceeding according to plan and we expect to announce updated competent person's reports for both projects in the fourth quarter of this year. “With this in mind, we expect a high level of news flow for the remainder of the year, and I look forward to updating the market on our progress in the weeks to come.”