Belize and Denmark-focused New World Oil and Gas announced Thursday that drilling of its Blue Creek No.2 well, onshore Belize remains ahead of schedule and in line with the company's geological prognosis.
The Blue Creek well is targeting the B Crest prospect on New World's flagship Blue Creek Project, which is located in the productive Petén Basin in northwest Belize. B Crest is estimated to contain un-risked P50 prospective resources of 92 million barrels of oil, according to New World.
The company also announced that due to its current program being $750,000 under budget, it has also decided to take the opportunity to drill into the Y3 formation and Hillbank intervals and test this area, where New World believes there remains "considerable potential for the existence of multiple productive horizons". The company expects its Blue Creek well to reach a total depth (TD) of 10,450 feet on or before Nov. 15 2012.
New World CEO William Kelleher commented in a statement:
"The fact that we are well under budget and considerably ahead of schedule allows us to explore the Yalbac formation further, by drilling into the Y3 and Hillbank interval which produce oil in the nearby Never Delay Field. Once we have reached the new TD of 10,450 feet, we will then conduct extensive testing enabling us to determine whether or not we have made a commercial discovery. I look forward to providing further updates to shareholders in the near future."
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