Shares in New World Oil and Gas jump on exploration update

The share price for AIM-listed New World Oil and Gas rose 5.33 per cent to 9.88p at 08:16 on Monday following publication of an update by the company.

The oil and gas exploration and development company revealed confirmed the presence of a working hydrocarbon system at its Blue Creek Well 2 in Belize. Directors of the company stated that they believe the chances of discovering a commercial oil accumulation at the B Crest prospect, part of the Blue Creek project in the Petin Basin, had materially increased.

The company further revealed that 2D seismic data for its Denmark-based license in the South Permian Basin, completed in September 2012, is in the final stages of completion.

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CEO optimistic of oil production propsects

William Kelleher, Chief Executive Officer, commented: "We are extremely encouraged by the results of our efforts across our portfolio to date. We believe our chances of making a commercial discovery in Belize have greatly improved, which we should be in a position to confirm in the weeks to come.

"Our de-risking programme at both licences in Denmark remains on track and we will shortly be able to decide on the best way forward at each project. These are very exciting and busy times for New World and I can assure all our shareholders that the management of the company is working tirelessly on all fronts, as we work towards our objectives of making a hydrocarbon discovery and building value. I look forward to updating the market on our progress as and when new developments arise."

MF