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

New World Oil & Gas says first Belize well almost at target depth

New World Oil & Gas said its first well in Belize will reach its target depth of 10,450 feet by November 18 or sooner.
New World Oil & Gas says first Belize well almost at target depth

New World Oil & Gas (LON:NEW) said its first well in Belize will reach its target depth of 10,450 feet by November 18 or sooner.

Blue Creek #2 is currently at 9,282 feet. Under budget, New World decided to test additional, lower-lying horizons for oil and gas.

Following completion of the drilling, the explorer will evaluate the intervals that have oil shows on both the mud logs recorded while drilling, and the electric logs which will be compiled after drilling.

This will help it determine oil and gas saturation levels, porosity and the thickness of the reservoirs.  

New World will then assess at what depth and in which zones to commence well testing operations.   

The tight budgetary controls mean group has the cash to drill down to the Y3 formation and the Hillbank intervals.

New World said there is “considerable potential for the existence of multiple productive horizons”.

Its Blue Creek Project is in productive Petén basin of north-west Belize.

View full NEW profile View Profile

New World Oil & Gas Timeline

September 15 2015

Related Articles

Gas flare
August 24 2018
Decentralised power supply is the way forward for Africa believes VIctoria's Kevin Foo
oil barrels
April 26 2018
If the appraisal well is successful it could potentially be brought online as part of an early production scheme
oil and gas operations
September 05 2018
New exploration efforts are coming into the spotlight over the coming months as conventional drilling is slated for 2019

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