New World Oil and Gas has raised £8.6m to finance the drilling of a third well at the company’s Blue Creek project in the Petén Basin in north-west Belize.

The company issued 95,555,556 new ordinary shares at a price of nine pence per share.

The well will target prospect A, which RPS Energy has given P50 volumetrics of 124 million barrels of oil, on a 100% working interest basis.

Proceeds will also be used to fund the planned 3D seismic programme on the company’s Danica Jutland project in Denmark, and for general working capital purposes.

New World Oil and Gas chairman and chief executive, William Kelleher, said the company has received support from both new and existing shareholders, resulting in the placing being oversubscribed.

"We are now fully funded to complete our on-going, three well drilling programme in Belize and, in the process, acquire a 100% working interest in Blue Creek, which has current estimated gross P50 volumetrics of 329 million barrels of oil and a net present value (‘NPV10’) of $8.1bn," said Kelleher.

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"At the same time, we will continue our programme of seismic acquisition in Denmark with a view to commencing drilling in 2013. In Belize, drilling has commenced at our B Crest Prospect which our competent person has assigned a 1 in 5 chance of success and gross P50 un-risked prospective resources of 92.1 million barrels of oil (Y1 and Y2 intervals).

"We have calculated the P50 un-risked NPV10 of $2.4bn. We will of course update the market on our progress at this exciting time for the company, as and when it is appropriate to do so," Kelleher added.

The company has also agreed to lend £155,556 to Hydrocarbon Technologies to fund its subscription.