Junior oil explorer New World Oil and Gas has received a boost in prospects for its first project in Denmark thanks to an update to the project's independent competent person's report (CPR).
The update followed the completion of Phase 2a of a 2D seismic acquisition program on license 2/09 over two identified onshore Triassic prospects: Jelling and Harboe.
According to a statement Monday from New World, the probability of geological success for Jelling and Harboe has been upgraded to one-in-five from the approximately one-in-eight chance of success that was in the original CPR.
RPS Energy, who authored the CPR, estimates un-risked P50 prospective resources at Jelling and Harboe at 166.4 billion cubic feet of gas (Bcf) and 351.2 Bcf respectively net to New World's 80-percent working interest.
New World CEO William Kelleher commented in a company statement:
"Our focus is on systematically de-risking our prospects and this CPR has improved our probability of geologic success from approximately one-in-eight to one-in-five for two of our prospects – a substantial improvement. This is a positive CPR update and another significant milestone for New World that underpins the tremendous confidence we have in our first Danish project."
Oil analysts who followed New World at London-based Shore Capital noted that the company is also progressing rapidly towards drilling at its Blue Creek prospect in Belize, Central America, "marking the beginning of a particularly exiting period of activity for the company".
Shore added in a report on New World issued Monday: "Although New World remains in the exploration phase, it has progressively de-risked its projects and delivered key milestones in line with the planned timetable."
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