Proactive Investors - Run By Investors For Investors

New World Oil & Gas extends Belize PSA for two years

New World Oil & Gas extends Belize PSA for two years

New World Oil & Gas (LON:NEW) has told investors that the Belize government has approved a two year extension to its production sharing agreement (PSA) for the Blue Creek project.

The PSA now runs up until October 12 2015.

Over the next twelve months the company intends to carry out a thorough review of its previously captured seismic and drilling results. Then, in the second year of the renewal, New World will have the choice to either drill one new exploration well or ‘drop’ the PSA.

New World says it continues to look for a farm-in partner to share the exploration drilling costs at Blue Creek.

"We are delighted to have received the approval from the Government of Belize for the third renewal period on the Blue Creek PSA,” chief executive Bill Kelleher said in a statement.

“With an active exploration work programme in place we are stepping up our efforts to seek farm-in or joint venture partners for our highly prospective licence areas.

“We will continue to keep the market informed of our activities."

View full NEW profile View Profile

New World Oil & Gas Timeline

Newswire
September 15 2015

Related Articles

1542291002_5485566276_150f71870a_o.jpg
November 15 2018
This party is offering financing alongside services for the OPL226 development project and is reported to have strong familiarity with the region.
oil well
August 22 2018
Production in the six months to June rose 64% following a workover campaign on the three producing wells
Trinidad drilling
July 23 2018
The City broker’s bullish view comes after its analysts upgraded their sum-of-the-parts valuation for the Trinidad-focused oil producer by circa 20% to 35p, up from 29p previously

© 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