New World Oil and Gas has completed its farm-out agreement with Danica Resources to acquire an 80% interest in an oil and gas concession in Denmark.
Initially, the company will acquire a 12.5% interest in licence 1/08, which includes both onshore and offshore acreage in the productive Western Baltic region of the South Permian Basin.
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In order to gain the interest in the licence, New World will commence the first phase of a planned 150km 2D seismic acquisition programme on the licence in the second quarter of 2012.
After further 2D and 3D seismic work to delineate drillable prospects by 30 March 2013, New World will receive an additional 12.5% interest.
Provided a drillable prospect has been identified by 2014, New World will receive the remaining 55% working interest.
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By GlobalData
