New World has announced that it has received a 75% working interest in the Blue Creek project, located in the Petén Basin in north-west Belize.
The move comes after the Belize Ministry of Natural Resources and the Environment approved the assignment of an additional 40% working interest in the project to New World’s wholly-owned subsidiary, New World Oil and Gas.
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The assignment follows drilling of two exploration wells on the Blue Creek PSA, B-Crest location, which was specified in the farm-out agreement (FOA) announced on 16 June 2011.
The company has drilled two wells Blue Creek #2 and #2A ST in Belize, as per the terms of the FOA.
New World Oil and Gas plans to earn a 100% working interest in the project by drilling the West Gallon Jug prospect to a total depth of 8,800ft, with drilling slated to start in March 2013.
New World Oil and Gas CEO William Kelleher said the company did not make any commercial discovery at the B Crest, but three of four elements have been confirmed, which will make up a working hydrocarbon system, source, migration and seal.
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By GlobalData"Trap remains the only outstanding risk and importantly each of our remaining five drillable prospects in Belize are geologically independent of each other," Kelleher added.
"With this in mind, we are looking forward to recommencing our drilling campaign in Belize in the next few weeks at our West Gallon Jug Crest prospect which has been assigned by RPS Energy a P50 un-risked resource of 113 million barrels of oil for the Y1 and Y2 intervals only."
The company has three drillable prospects within the Danica Jutland and Danica Resources projects, which it plans to drill by the end of 2013.
New World Oil and Gas has identified P50 396 million barrels of oil and 2 trillion cubic feet of gas in the eight drillable prospects in Denmark and Belize.
Image: New World Oil and Gas plans to earn 100% working interest in Blue Creek Project by drilling the West Gallon Jug prospect. Photo: Courtesy of Helen Wilkinson.
