New world Oil and Gas gains approval for interest in Danica licence

New World Oil and Gas, a company focused on Belize and Denmark, has announced that the Danish Energy Authority has formally approved the assignment of a 25 per cent working interest in licence 1/08 of the Danica Resources Project to the company's wholly owned subsidiary, New World Resources ApS.

New World Oil and Gas, a company focused on Belize and Denmark, has announced that the Danish Energy Authority has formally approved the assignment of a 25 per cent working interest in licence 1/08 of the Danica Resources Project to the company's wholly owned subsidiary, New World Resources ApS.

The assignment of the working interest, which is located in the productive Western Baltic region of the South Permian Basin in southern Denmark, follows a farm-out agreement formed in April 2012 and the completion of the first phase of a 2-D seismic acquisition programme consisting of 166.44 sq km, and an additional 38.5 sq km 2-D seismic acquisition programme on two re-confirmed leads.

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