New World cuts estimates for Blue Creek prospects

Exploration outfit New World Oil and Gas has today announced a revision to its volumetric and estimated monetary value estimates for two of its prospects at the Blue Creek Project in Belize.

According to the data contained in an update to the Competent Person's Report ('CPR') from RPS Energy ('RPS') prospects A and B Crest are now estimated to have an estimated monetary value of $1.17bn. That along with combined gross P50 (50% probability) volumetrics of 215MMbbl.

On the past 14th of June the company estimated gross P50 volumetrics of 294MMbbl "from just two of four potential horizons in the subsurface and a combined expected monetary value of US$1.51bn," for A and B Crest.

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Compensating for the above perhaps, the company says it has identified "a third potentially significant lead in the West Gallon Jug ('WGJ') area, in addition to two drill ready prospects, A and B Crest." Its estimated value is $266m, along with estimated gross P50 volumetrics of 113.1MMbl.

Shares of New World Oil and Gas finished the session closed down by 7.45% at 10.88p.

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