New World Oil and Gas Plc provided an update on drilling operations at the B Crest prospect on the Company's flagship Blue Creek Project, located in the productive Petén Basin in Northwest Belize.
The Blue Creek #2 well commenced drilling operations on Sept. 27, 2012, and to date all operations are on schedule and under budget. As at 06:00 CST in Belize on Oct. 15, 2012, the Well had drilled to a depth of 3,150 feet. The Company expects to reach the target depth of 7,000 feet on or before Nov. 15, 2012. At this depth the Well will have reached the base of the mid Cretaceous Y2 interval. Should an oil discovery be made at B Crest, field operations will likely continue through year-end and into next year to determine the total potential of any find. Drilling operations have proceeded without any reported accidents and incidents, and the Company's on-going efforts are directed to ensure a safe and successful drilling campaign.
RPS Energy reports the B Crest prospect to contain a P50 un-risked prospective resource of 92.1 MMbo (Y1 and Y2 intervals) and a P50 un-risked NPV10 of $2.4 billion. The drilling of the B Crest prospect is the first of a three well program at Blue Creek. The table below outlines the volumetrics and the expected timetable for the program:
New World CEO William Kelleher said, "Having reduced the geologic risk of our Belizean prospects by 60 percent through a successful multi stage seismic program and now commenced drilling, we will be in a position to judge whether we have made an oil discovery by mid November 2012. Meanwhile in line with our strategy, a similar de-risking process at our Danica Jutland and Danica Resources projects in Denmark is proceeding according to plan and we expect to announce updated Competent Person's Reports for both projects in 4Q 2012. With this in mind, we expect a high level of news flow for the remainder of the year, and I look forward to updating the market on our progress in the weeks to come."
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