8th Mar 2013 07:00
New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas
8 March 2013
New World Oil and Gas Plc ('New World' or 'the Company')
25% Working Interest Assigned in the Danica Jutland Project, Denmark
New World Oil and Gas Plc, an oil and gas exploration and development company focused on Belize and Denmark, is pleased to announce that the Danish Energy Authority, part of the Government of Denmark, has formally approved the assignment to New World's wholly owned subsidiary, New World Jutland ApS ('NW Jutland'), an additional 12.5% working interest in Licences 1/09 and 2/09 of the Danica Jutland Project ('Danica Jutland'). Accordingly, the Company's working interest in Danica Jutland has increased to 25%.
Licences 1/09 and 2/09 are located in the highly prospective Jutland on-shore area in South West Denmark, covering a total area 4,107 sq km. The additional 12.5% working interest represents the second tranche under the Farm-Out Agreement announced on 11 October 2011 and follows the acquisition of 55 line km of 2-D seismic data to further delineate two Triassic prospects identified on Licence 2/09. In addition, 75 sq km of 3-D seismic was acquired over the Jensen Prospect on Licence 1/09, which has a prospective resource estimate of 48 million barrels of oil ('MMbo') (adjusted to an 80% working interest). An updated Competent Person's Report ('CPR') is expected in April 2013 at which point a forward plan in relation to Danica Jutland in 2013 will be decided.
New World CEO William Kelleher said, "At our Danica Jutland project, we have combined P50 indicative volumetrics and success case economic outcomes totalling 134 MMBOE and a NPV10 of US$1.22 billion net to New World. These numbers include only the three of 10 identified prospects or leads that have been formally reported on. As with our other Danish project, Danica Resources, there is considerable potential to significantly increase the combined volumetrics further. In Denmark as a whole, we have identified 39 prospects/ leads, a number of which have the potential to be company makers in their own right. With this in mind, we are looking forward to advancing operations in Denmark later this year, as we aim to deliver on our goal of building a leading oil and gas exploration and production company."
* *ENDS* *
For further information please visit www.nwoilgas.com or contact:
Notes New World Oil and Gas Plc is an oil and gas operating company with three highly prospective projects in Belize and Denmark. New World is operator of all three projects where a systematic programme of seismic acquisition has resulted in multiple prospects being identified and derisked, a number of which have been classified by the Competent Person as being drill ready. In Belize drilling operations commenced at the West Gallon Jug Crest prospect on 1 March 2013. New World also operates two projects in onshore Denmark located in producing basins covering a combined area of over 2.6 million acres, making it the largest holder of acreage in Denmark.
Management is constantly evaluating additional projects that would complement the Company's growing portfolio, particularly late stage exploration or early production projects located in basins with large proven reserves that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing.
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