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New World says it has until end of October to spud a well in Belize

Published: 08:21 06 Oct 2015 BST

Genel5
New World is in talks with potential partners for a well before the deadline

New World Oil and Gas (LON:NEW) told investors it actually has until the end of October to spud a well in Belize, in order to retain the asset.

It had previously said that the deadline was October 12, but it now says that following legal advice it has now been informed that the date should be October 31.

The company said it would discuss its options for continuing its participation in the licence with the Belize government this week.

New World said it is also in talks with potential partners with a view to starting a well before the deadline.

The company cautioned, however, that: “it should be noted that there is no certainty that the Blue Creek PSA will be retained. In the event that it does lapse, then New World will cease to have any trading businesses and so will be treated as an investing company under AIM Rule 15.”

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