25th Jun 2014 12:00
LONDON (Alliance News) - New World Oil and Gas PLC Wednesday said it has secured a six-month extension in work programme commitment deadlines for two licences at its Danica Jutland project in Western Denmark until January 31, 2015.
The oil and gas operating company holds a 25% working interest in the Danica Jutland Project.
New World said the extension, which will allow the licence holders to carry out further exploration work, was discussed with Danica Jutland ApS and the company's 20% full-paying partner, the Danish North Sea Fund, and was approved by the Danish Energy Agency.
Earlier this year, New World said it has committed to a passive gas survey to expand its existing prospect inventory in an effort to determine the best possible candidate for a slim-hole well, prior to making a decision on whether or not to drill a conventional well.
"The survey is currently underway and the extension to the phase three licence commitments allows more time to complete the survey and to continue on-going discussions with potential farm-in partners," the company said Wednesday.
New World shares were down 1.4% at 0.690 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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