New World O&G has signed a non-binding letter of intent with Danica Jutland ApS, granting the Company a 65-day exclusivity period in which to undertake due diligence on two oil concessions totaling 4,107 sq km, located in the productive Jutland on-shore area in South Western Denmark ('the LOI'). Any potential investment by the Company would be in accordance with its investing policy as set out in its Admission Document.
New World CEO William Kelleher said, "We are continuing to deliver on our previously stated investing policy, by bringing quality projects to the table. This region in Southern Denmark is relatively under-explored but is located at the center of the Southern Permian Basin with significant production in the immediate region. Our policy envisaged Europe to be part of the longer term strategy, however a good investment opportunity has arisen now, and the Board believes that the time is right to take advantage of the region's significant opportunities, with stable governments, and generally favorable investment regimes."
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