Energy sector investment company New World Oil and Gas has doubled its stake in the 420 square kilometre Blue Creek project located in the Petn Basin in Northwest Belize.
New World's working interest in the project now stands at 25%.
Under the terms of the farm-out agreement, New World can earn up to a 100% working interest in the project by achieving various milestones including a three phase 2-D seismic acquisition programme totalling 231 line kilometres and a two well drilling programme.
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The most recent Competent Person's Report gives a combined P50 (proved + probable) gross resources estimate of 294m barrels of oil with a combined net present value with a 10% discount rate (NPV10) of $7.1bn for two prospects.
New World Chief Executive Officer William Kelleher said: "With the excellent progress being made in Belize and the project's vast potential becoming more apparent, we are delighted to have increased our working interest to 25%, with the option of moving to a full 100%, which also highlights the support we continue to receive from our partners and the Government of Belize."
"This truly exciting project has been considerably de-risked and we are actively progressing with our seismic acquisition programme in Belize," Kelleher added.
The market was less delighted than Kelleher, and marked the shares down 0.75p to 9.75p.
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