New World Oil and Gas’s (LON:NEW) first well at Blue Creek in the Petén Basin in northwest Belize is making steady progress toward its primary target.
The B Crest well has drilled to a depth of 4,509ft, having passed through anhydrite, dolomite and limestone sequences in line with the company's geologic prognosis. Drilling is on schedule and under budget and progressing at an average rate of 24ft per hour, it said.
The primary objective of the well lies at 5,700ft in the mid Cretaceous Y2 interval, 1,300ft below the current depth.
New World added it remains on course to reach the total depth of 7,000ft on or before 15 November 2012 where it expects to have reached the base of the mid Cretaceous Y2 interval.
William Kelleher, chief executive, said, "We are 1,300ft above our primary objective, being the Yalbac 2 formation, which we believe to contain multiple payzones for this well."
The Blue Creek #2 well is part of the company's three well drilling programme at Blue Creek.
An independent report compiled by RPS Energy assigned 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 at Blue Creek, which has a total P50 resource of 329 million barrels.