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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020