Denmark and Belize-focused junior New World Oil and Gas reported Tuesday that it had made progress at both its Danica Resources Project in southern Denmark and its Blue Creek operation in Belize.
New World said that it had received a positive update to the Competent Person's Report produced by RPS Energy for its Danica Resources Project in the western Baltic region of the South Permian Basin in southern Denmark. Four new leads have been identified and New World now plans to acquire additional 2D seismic data along with 3D seismic data on Falster and Lolland islands over the Zechstein Zn-2, Zn-3 and Zn-4 leads, which were targeted by several of the latest 2D lines.
The firm said that seismic data confirms the western bounding fault for the Als prospect and volumetric estimates remain as detailed a previous document issued last July. At Zechstein, there are prospective resources of between 40 and 192 million barrels of oil (on a P90 to P10 basis), while at Rotliegendes prospective resources are estimated at between 575 and 3,380 billion cubic feet of gas.
New World added that both intervals on the Als prospect can be targeted from an onshore location and that they are "drill ready". In all, a total of 28 leads and one prospect have now been identified on New World's Danish license.
"This first phase of seismic has confirmed the original highly attractive volumetric estimates and associated indicative economics for the drill ready Als prospect. At the same time, we have acquired high quality data for this highly prospective Baltic Licence," New World CEO William Kelleher said in a company statement.
"We will continue to de-risk the multiple leads and prospects identified, with an additional 38.5-kilometer seismic survey planned for early February 2013 on Falster and Lolland Islands. This next phase will specifically target the Zechstein leads identified from the first phase of seismic as well as improving the probability of success in the Triassic."
Meanwhile, in a separate statement, New World said its Blue Creek No.2A side track well, onshore Belize, had drilled to a measured depth of 11,490 feet, some 400 feet short of the planned total depth for the well. The company is taking longer than originally anticipated here due to a halting in drilling operations whenever sections of interest in the targeted Hillbank and Y3 formations have been encountered so that core samples can be taken.
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