Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

New World Oil & Gas making good progress in Belize

New World Oil & Gas said it is making good progress on its first well - the B Crest target in the productive Petén Basin, Northwest Belize. 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. 
New World Oil & Gas making good progress in Belize

New World Oil & Gas (LON:NEW) said it is making good progress on its first well - the B Crest target in the productive Petén Basin, Northwest Belize.

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.”


View full NEW profile View Profile

New World Oil & Gas Timeline

Newswire
September 15 2015

Related Articles

Texas flag
September 04 2018
Well workovers in June boosted average gross production before royalties to around 44 barrels of oil per day
oil well
August 22 2018
Production in the six months to June rose 64% following a workover campaign on the three producing wells
Oil and gas workers
April 18 2018
Tapi Aike, located in the Austral basin, was one of most hotly contested blocks when it was put out to tender

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use