New World Gets Govt Nod for Working Interest in Danish Licenses
New World Oil and Gas announced Monday that the Danish Energy Authority has formally approved the assignment to the company of a 25-percent working interest in Licence 1/08 of the Danica Resources Project in Denmark.
Licence 1/08 is located in the productive Western Baltic region of the South Permian Basin in Southern Denmark, totaling 2,479 square miles, according to New World.
The assignment of 25-percent working interest to New World is in accordance with the previous Farm-Out Agreement announced April 17, 2012 and follows the completion of Phase 1 of a 2D seismic acquisition program consisting of 64.26 square miles, and an additional 14.9 square miles 2D seismic acquisition program on two re-confirmed leads.
After this seismic acquisition program, New World estimates that the drill-ready Als prospect has an estimated P50 un-risked prospective recoverable resources of 1.4 trillion cubic feet and 97 million barrels of oil.
Additionally, the firm said four previously-identified Zechstein leads were confirmed on Falster and Lolland Islands from the new seismic data on which a 23.9-mile 2D acquisition program has recently been completed. Results from this 2-D program targeting these large leads which total 13,485 acres will be released in 2Q 2013.
New World CEO William Kelleher commented in a statement:
"We are delighted to have now earned into a 25 percent working interest in both of our Danish projects. In tandem with increasing our interests in these three exciting licenses, we are delivering on our strategy to systematically identify, delineate and de-risk multiple prospects to the point of drilling... With results expected in Q2 2013 there remains tremendous scope to materially add to the P50 prospective resources on the license, particularly bearing in mind the size of Als' volumetrics. I look forward to updating the market on our progress."
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