New World open data room to assess potential partners

Oil and gas investment firm New World Oil and Gas saw its share price surge after announcing that it has established a 'virtual data room' following the receipt of a number of approaches from potential farm-in partners about two promising looking projects it has in Denmark and Belize.

By MoneyWeek

published 3 January 2012

in Features

The Belize project is called Blue Creek and was estimated in December as having a "1 in 5 probability of geologic success". If successful it's thought the discovery could contain 294 million barrels of oil and be worth $1.53bn.

New World's Chief Executive, William Kelleher, said there has been considerable interest since releasing the estimates. "A data room has now been set up to assess these expressions of interest. While it is too early to report definitive plans to farm down on either one or both projects, I can guarantee that any proposal will be rigorously analysed to ensure the best possible outcome for shareholders."