New World Oil & Gas reported Tuesday that a new update to the competent person's report (CPR) covering licenses 1/09 and 2/09 of its Danica Jutland project in southwest Denmark shows that new data has identified a several new, smaller prospects instead of one large prospect (the Jensen Prospect). The firm also said it is now looking to bring in a partner to help develop its Danish assets.
The update, which was produced by RPS Energy, follows the completion of a 29-square mile 3D seismic acquisition program to map the Jensen Prospect area on license 1/09.
New World said that multiple horizons have been identified at each prospect, with the Z1 and pre-Zechstein intervals indicating gas and Z2 intervals suggesting oil. 3D seismic data over the Zechstein leads has significantly clarified likely trap configurations, it added.
Drilling will be required to reduce reservoir risk but New World said that Z2 is presented as being analogous to the producing Z2 carbonates of Germany and Poland in the South Permian Basin.
New World CEO William Kelleher commented in a company statement:
"Our understanding of the previously identified Jensen Prospect area on Licence 1/09 has been greatly enhanced following the acquisition and interpretation of 3D seismic. As the competent person states, instead of being just one large prospect, Jensen appears to be made up of multiple smaller structures, each with at least three separate horizons in the Zechstein and Pre-Zechstein. In aggregate, we now have indicative volumetrics and success case economic outcomes for Licences 1/09 and 2/09 of the Danica Jutland Project totaling 591 billion cubic feet of gas (un-risked sum of individual P50, discovery case) and a NPV10 of $655.7 million net to New World.
"The combination of having a number of commercially attractive prospects with a significant reduction in geological risk, particularly regarding trap which is now risked by RPS as having a 90-percent chance of success where covered by 3D data, confirms the prospectivity of our Danish licenses. We agree with RPS that, having sufficiently de-risked these prospects, drilling is now required to progress further. With this in mind, we have now stepped up our efforts to conclude bringing in a partner in Denmark."
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