The Belize Ministry of Natural Resources and the Environment has approved the assignment of an initial 12.5% working interest in the Blue Creek project, which is located in the Petén Basin, to New World Oil and Gas (Belize).
The assignment forms the first tranche under the farm-out agreement announced in June this year following the acquisition of 45 line kilometres of 2D seismic data and the repayment of historical costs by New World to Blue Creek Exploration.
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The company is carrying out its phase II, 125 line kilometres 2D seismic survey on the project and on completion, New World Belize will be given an additional 12.5% working interest, taking its total working interest to 25%.
New World Oil and Gas expects to obtain estimates of the project’s recoverable volumes by the end of 2011.
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