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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.

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New World Oil & Gas Timeline

Newswire
September 15 2015

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