4th Feb 2015 07:44
LONDON (Alliance News) - New World Oil and Gas PLC Wednesday said it has been granted a three-week extension to complete work to which it had previously committed on three Danish licenses.
The company has a 25% working interest in the three licenses, which are part of the company's Danica Jutland and Danica Resources projects in Denmark.
"This extension will allow the licence holders to finalise their technical work and interpretation carried out in 2014," the company said in a statement.
New World said it carried out technical work on the licenses in the summer of 2014, including the reprocessing on 2D seismic lines and completing a geochemical survey which collected a total of 626 samples from the licenses.
The company is currently analysing the samples and the seismic work, and said it will update the market as soon as possible, but the results should be completed before February 20, when the extension will expire.
By Joshua Warner; [email protected]; @JoshAlliance
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