New World's Belize Prospect Yields Positive Results

New World Oil and Gas reported Thursday its B Crest prospect, onshore Belize has yielded positive logging results.

The firm said live oil shows in the Y3 and Hill Bank formations at the prospect were confirmed after an analysis of open-hole logging results and the conclusion of petrophysical interpretation of these formations as well as Y1 and Y2.

New World has now made a decision to drill a deviated well from the existing vertical well location to evaluate the trap potential and to target other potential oil accumulations.

New World CEO William Kelleher commented in a company statement:

"I am extremely encouraged by the increased prospect of discovering a large accumulation on our B Crest prospect. Drilling results and log data so far confirm that we are in an active hydrocarbon system as evidenced by the logs and significant amounts of live oil observed at surface while drilling.

"The log results for the Hill Bank dolomite formation have indicated gross reservoir thickness of approximately 290 feet. By drilling a deviated well up structure from our current location toward a northeast to southwest bounding fault that images considerable vertical displacement on seismic in the Y3 and Hill Bank reservoirs, we expect an improved trap potential, obtain better log results and an increase in the gross reservoir thickness."



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