New World Gets Extension to Danish Licenses

New World Oil and Gas reported Monday that it has secured a six-month extension to deadlines for its work program in licenses 1/09 and 2/09 at its Danica Jutland project in western Denmark.

The extension was agreed with New World’s partners in the project, Danica Jutland ApS and the Danish North Sea Fund, and approved by the Danish Energy Agency. It will allow the results of the recent acquisition of 3D seismic data, as well as some soil geochemistry work over the Jensen prospects, to be incorporated into a forward work program, New World said.

New World said the extra six months would also provide it with more time to continue ongoing discussions with potential farm-in partners.

New World CEO William Kelleher commented in a statement:

"We continue our efforts to secure a farm-out agreement that will allow us to drill as many of our drill-ready prospects as possible at our Danica Jutland Project and, at the same time, highlight the value we have created to date through our seismic acquisition programme.

"With the probability of geologic success currently estimated at 1-in-8 by our competent person, it is our intention to share risks and costs in Denmark going forward. We will update the market on the results of the recent seismic activity and our discussions with potential farm-in partners in the coming weeks."