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New World reports intital shows at Gallon Jug

Oil and gas explorer New World Oil and Gas revealed encouraging initial drilling at its first well at the West Gallon Jug Crest prospect in Belize.

Oil and gas explorer New World Oil and Gas revealed encouraging initial drilling at its first well at the West Gallon Jug Crest prospect in Belize.

The junior oil outfit said it has recorded a number of hydrocarbon shows and that drilling operations had so far been in line with its geologic expectations, while also pointing to news of an oil discovery at a neighbouring project.

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New World acknowledged that, having reached 7,700 metres of the estimated total depth of 8,800 metres at the Rio Bravo no.1 well, the "commerciality" of the initial hydrocarbon shows would only be determined once the well was drilled to total depth and testing results interpreted.

Confirming that drilling operations at the well had so far been in line with the company's geologic expectations, the company added that ongoing operations were continuing "without incident, on schedule and under budget".

New World Chief Executive Officer William Kelleher said management were very interested in the news of an oil discovery by Maranco Energy Belize nearby in the Gallon Jug area that had been publicised by the Belize Ministry of Energy, Science and Technology and Public Utilities.

He added: "Good progress is also being made in Denmark where the 3D seismic data is currently being interpreted and discussions with farm-in partners are ongoing. An update is expected to be made to the market on finalisation of the seismic data in the coming weeks."

OH

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