New World in Danish Farm-In Discussions

New World Oil & Gas reported Friday that discussions are ongoing with potential farm-in partners for its Danica Jutland project on license 1/09, onshore Denmark.

The firm said that interpretation of its 3D seismic acquisition program on the project's Jensen prospect is now complete. Independent consultant RPS Energy has assigned the Jensen prospect prospective resources of 48 million barrels of oil, and an updated competent person’s report will be released by the mid-2013.

On New World's Danica Resources project, a 2D seismic acquisition program has now been completed. This revealed high grading data on large Zechstein Zn-2, Zn-3 and Zn-4 leads that total 13,485 acres. Interpretation of the data is now underway with a view to deciding which leads are to undergo a 3D seismic acquisition program.

New World says that P50 volume estimates for the Als Prospect within the Danica Resources project remain at 97 million barrels of oil and 1.4 trillion cubic feet of gas.

New World has a 25-percent working interest in both projects, with an option to earn up to 80 percent in each of them.

New World CEO William Kelleher commented in a statement:

"Whilst drilling is underway in Belize, progress continues to be made across the Atlantic at our Danish assets. We have completed the initial interpretation of the 3D seismic data on our Jensen prospect on block 1/09, and RPS Energy are now compiling the data into an updated CPR which will be available before the end of the second quarter 2013.

"Meanwhile, our recent 2D program on block 1/08 has just been completed. We are eager to receive the results of this program as the data will reveal which of several large structures already identified we will further de-risk with a 3-D program."

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