New World Gets Boost to First Danish Project
Junior oil explorer New World Oil and Gas has received a boost in prospects for its first project in Denmark thanks to an update to the project's independent competent person's report (CPR).
The update followed the completion of Phase 2a of a 2D seismic acquisition program on license 2/09 over two identified onshore Triassic prospects: Jelling and Harboe.
According to a statement Monday from New World, the probability of geological success for Jelling and Harboe has been upgraded to one-in-five from the approximately one-in-eight chance of success that was in the original CPR.
RPS Energy, who authored the CPR, estimates un-risked P50 prospective resources at Jelling and Harboe at 166.4 billion cubic feet of gas (Bcf) and 351.2 Bcf respectively net to New World's 80-percent working interest.
New World CEO William Kelleher commented in a company statement:
"Our focus is on systematically de-risking our prospects and this CPR has improved our probability of geologic success from approximately one-in-eight to one-in-five for two of our prospects – a substantial improvement. This is a positive CPR update and another significant milestone for New World that underpins the tremendous confidence we have in our first Danish project."
Oil analysts who followed New World at London-based Shore Capital noted that the company is also progressing rapidly towards drilling at its Blue Creek prospect in Belize, Central America, "marking the beginning of a particularly exiting period of activity for the company".
Shore added in a report on New World issued Monday: "Although New World remains in the exploration phase, it has progressively de-risked its projects and delivered key milestones in line with the planned timetable."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.