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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
