New World Oil & Gas down despite positive statement

New World Oil and Gas, a company focused on Belize and Denmark, suffered a decline in its share price on Thursday morning, despite delivering a generally upbeat statement.

New World Oil and Gas, a company focused on Belize and Denmark, suffered a decline in its share price on Thursday morning, despite delivering a generally upbeat statement.

The group said that operations in Belize are continuing as planned, with the Blue Creek #2A drilled to a measured depth of 10,195 feet as of January 7th. The proposed measured depth of 11,880 feet is expected to be achieved on or before January 20th.

In the statement the group said: "The drilling of Blue Creek #2A has been deliberately controlled at a slower rate than originally expected in order to maintain a gauge wellbore diameter that will maximize log quality. To date, this has proved effective, resulting in excellent log data quality."

In south west Denmark the 75 sq km 3-D seismic acquisition programme over the Jensen prospect, which has a prospective resource estimate of 48m barrels of oil, is over half way completed with all seismic lines surveyed and 55% of the 3-D survey recorded to date. The firm said that seismic operations for the prospect are expected to be completed by the end of January 2013.

In southern Denmark the group is in the final stages of the interpretation of the 161 sq km 2-D seismic acquisition programme which was completed on the Als Prospect in August 2012. Following this, and based on an updated competent person's report, the company will make a decision on whether to acquire additional 2-D and or 3-D seismic, or to propose drilling the Als prospect in 2013.

Chief Executive Officer William Kelleher said: "Drilling in Belize continues to make steady progress towards its objective thanks to the first class work of our operations team on the ground. We will soon be entering the targeted Y3 and Hill Bank formations where promising oil shows, along with the presence of live oil on the shakers, were observed while drilling the Blue Creek #2 vertical well.

"This is an exciting time for New World on a number of fronts. Not only will we soon find out if the first of a fully funded multi-well, drilling campaign in Belize has made a commercial hydrocarbon discovery, but we will also have the results of our latest seismic work on our Danish licences, as we look to continue to de-risk the multiple prospects we have already identified to drill-ready status."

The share price fell 5.63% to 8.38p by 12:56.

NR

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022