New World O&G Updates Ops in Belize's Peten Basin
New World O&G announced an update from the 420 sq km Blue Creek Project located in the productive Petén Basin in Northwest Belize ('Blue Creek' or 'the Project').
- Successful completion of Phase 2 of seismic acquisition at Blue Creek - 70.95 line kilometers acquired bringing the total for Phases 1 and 2 to 139.15km
- Field and processed data to be interpreted shortly by the Company's geophysicist and Competent Person's Report ('CPR') to be updated by mid December 2011
- Updated CPR expected to include P10, P50, P90 mean volumetrics, scoping economics and an estimated market value for Blue Creek
- Phase 3 seismic acquisition planned to commence immediately - expected completion in Q1 2012
New World CEO William Kelleher said, "We continue to make excellent progress at our Blue Creek Project since its acquisition in June of this year. The completion of the second phase of our seismic acquisition program is another significant milestone for New World as we progress towards anticipated phase three completion in 1Q 2012.
"Following the positive results from the first of three planned phases of our seismic program, the updated CPR specifically highlighted four structures similar to those found in the nearby producing Spanish Lookout field in the productive and highly prospective Petén Basin. Following the completion of the Phase 2 seismic, a second update to the CPR will be completed which we expect to include the first official estimates of in-place and recoverable oil volumes. We expect this update to be released by the middle of December 2011 and look forward to updating shareholders on our progress then."