New World bullish over Danish results
New World Oil and Gas (NEW) announced that "significant evidence" pointed to the presence of a working hydrocarbon system in the Danica Resources Licence 1/08.
"[This underpins] our belief that the Danica Resources Project is located in a productive and highly prospective region," commented chief executive William Kelleher.
The licence, which covers an area totalling 6,420 square kilometres, includes both the onshore and offshore acreage in southern Denmark in the productive Western Baltic region of the South Permian Basin.
Based on these results, the oil and gas explorer said that it would "immediately" proceed to negotiate and finalise the definitive transaction agreements, in the form of a farm-out agreement, as well as an amendment to the underlying joint operating agreement naming New World's Danish subsidiaries as parties and operator.
"The permitting process for 2D seismic acquisition will begin in April 2012 and we expect to complete data acquisition for the first phase of the seismic programme by September 2012," stated Kelleher.
In the meantime, the company will focus on its Blue Creek Project in Belize, where two prospects with a one in five probability of geologic success have been identified. Additionally, the company confirmed that it remained on track to commence a seismic programme on the Danica Jutland Project in the second quarter of this year.
