New World Oil and Gas has been named as the operator of licences 1/09 and 2/09, which are located in the productive Jutland onshore area in south-west Denmark.
The licences are known as the Danica Jutland Project, and covers a total area of 4,107km2.
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The company received approval for the licences from the Danish Energy Agency (DEA).
In addition, the DEA approved the transfer of the 80% interest in the licences held by Danica Jutland to New World Oil; the transfer is subject to completion of the earn-in work programme.
Last month, the North Sea Fund (NSF), which is the owner of the remaining 20% of the licences, also approved the transfer of operatorship to New World Oil.
Amendments to the existing joint operating agreements were signed by NSF Danica Jutland and New World Oil.
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By GlobalDataNew World Oil has appointed a local contractor to begin the permitting process for the seismic programme, which will begin in the second quarter of 2012.
The tendering process for the seismic programme is also expected to begin immediately.
The company said that NSF will contribute its 20% share for all expenditures.
RPS Energy will provide an updated Competent Person’s Report during the second quarter of 2012.
New World CEO William Kelleher said that the company was delighted to be named operator of the two highly prospective Danica Jutland licences, and will immediately begin the permitting process for the seismic programme, which is scheduled for the second quarter of 2012.
"Going forward, we continue to pursue our stated goal of achieving early production at all our projects through a multi-phase seismic approach and the extensive use of state-of-the-art technology, thereby minimising geological risk up to the point of drilling," said Kelleher. "With this is mind, I look forward to updating our shareholders on our progress at both our Danica Jutland and Blue Creek Projects on an ongoing basis."
