24th Feb 2015 08:12
LONDON (Alliance News) - New World Oil and Gas PLC Tuesday said it has been granted an additional extension to complete its work commitments for three licenses at the Danica Jutland and Danica Resources Projects in Denmark.
The company, which holds a 25% working interest in the three licenses through its Danish subsidiaries, said the deadline to complete its work commitments has been extended to March 15, 2015.
"This extension will allow the licence holders to propose additional technical work to further de-risk the prospects on all three licences," said the company.
"The company is pleased with this licence extension as it allows us to continue our efforts to both de-risk the most prospective areas in our licences and seek partners with whom we can develop these promising fields," said Chairman Chris Einchcomb.
New World shares fell 3.2% to 0.150 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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