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.

The company also said that following the incorporation of the results from phase 1, the competent person's report confirmed the prospectivity of the drill-ready Als prospect with an estimated P50 (proven plus probable) un-risked prospective recoverable resources of 1.4trn cubic feet and 97m barrels of oil and net present value (10%) of $2.4bn (unrisked).

Additionally, four previously identified Zechstein leads were confirmed on Falster and Lolland Islands from the new seismic data on which a 38.5 km 2-D acquisition programme has recently been completed. Results from this 2-D programme targeting these large leads which total 13,485 acres will be released in the second quarter of 2013.

Chief Executive Officer William Kelleher said: "We are delighted to have now earned into a 25% working interest in both of our Danish projects. In tandem with increasing our interests in these three exciting licences, we are delivering on our strategy to systematically identify, delineate and de-risk multiple prospects to the point of drilling.

"At our Danica Resources project, we already have the drill-ready Als prospect, which has estimated P50 prospective resources of 97m barrels of oil and 1.401trn cubic feet of gas on a 100% working interest basis, and this is just one of 29 leads/prospects we have identified. We are keen to receive the results of our recently completed 2-D seismic programme on our two large prospects on the Lolland and Falster Islands totalling 13,485 acres.

"With results expected in the second quarter of 2013 there remains tremendous scope to materially add to the P50 prospective resources on the licence, particularly bearing in mind the size of Als' volumetrics."

The share price rose 3.12% to 4.12p by 08:28.

NR

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023