New World Oil and Gas has confirmed that it is continuing to make "steady progress" towards it objective at its Blue Creek project in Belize – where its Blue Creek #2A sidetrack well is expected to hit target depth on or before Jan. 20. The junior explorer, which has assets onshore Denmark as well as in Belize, also reported on its Danish licenses in an operations update Thursday.
At Blue Creek, where New World is targeting the B Crest Prospect, the firm reported that drilling operations are ongoing at its deviated #2A ST well – which is targeting the Hillbank and Y3 oil-bearing formations. The objective of the well is to relocate the bottom hole location of the firm's Blue Creek #2 well – where the company is targeting a potentially significant trap.
The #2A ST well was at 10,195 feet as at Jan. 7 and New World expects to hit the proposed total depth of 11,880 feet on or before Jan. 20.
Analysts who follow New World at London-based Shore Capital commented that despite "a slightly extended timeline, we are very happy with progress in Belize where, as previously announced, drilling results have confirmed the presence of a working hydrocarbon system in the 'B Crest' prospect".
In Denmark, New World confirmed that is 3D seismic program over its Jensen prospect at the Danica Jutland project is more than half-way completed, with all seismic lines surveyed and 55 percent of the 3D survey recorded to date.
New World is also in the final stages of interpreting recently-acquired seismic data covering the 'AIs' prospect, in Danish license 1/09, and an updated competent person's report is due for completion in the coming weeks.
New World CEO William Kelleher commented in a company statement:
"Drilling in Belize continues to make steady progress towards its objective thanks to the first class work of our operations team on the ground. We will soon be entering the targeted Y3 and Hill Bank formations where promising oil shows, along with the presence of live oil on the shakers, were observed while drilling the Blue Creek#2 vertical well."
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