New World Oil and Gas Plc, the oil and gas exploration and development company focused on Belize and Denmark, announced that the Blue Creek #2 well located on the Blue Creek Exploration PSA in Northwest Belize reached a total depth (TD) of 10,490 feet Nov. 19.
Oil and gas shows have been present in mud logs recorded throughout the upper and middle Cretaceous intervals, including the Y1, Y2 and Y3 intervals of the Yalbac formation and the Hillbank formation. The next stage, which is currently underway, is to run electric wireline logs in the well which will amongst other things measure certain rock formation characteristics and enable the Company to calculate fluid saturation levels, porosity, and determine rock thicknesses. Subject to the results of this exercise, New World will then determine at what depth intervals to carry out further evaluation which will assess the way forward.
New World CEO William Kelleher said, "We have confirmed that the B Crest prospect is located in a working hydrocarbon system. Encountering oil shows at all targeted intervals is encouraging but there is still more work to be done. Reviewing the results of the open hole wireline logs is the next course of action. I look forward to providing further updates to shareholders as and when we have further information."
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