New World Oil and Gas secures additional working interest in Danica Jutland project, Denmark

New World Oil and Gas said that the Danish Energy Authority, has approved an additional 12.5% working interest in licences 1/09 and 2/09 of the Danica Jutland project, to the company’s wholly-owned subsidiary, New World Jutland.

The company will now hold a 25% working interest in the Danica Jutland project.

Licences 1/09 and 2/09 have a total area of 4,107km² and are located in the Jutland on-shore area in south-west Denmark.

The additional 12.5% working interest will represent the second tranche under the farm-out agreement, which was announced on 11 October 2011.

The agreement follows the acquisition of 55km of 2D seismic data to delineate two Triassic prospects, which were identified on licence 2/09.

The company has also acquired 75km² of 3D seismic in the Jensen prospect on licence 1/09, which is expected to have about 48 million barrels of oil.

New World Oil and Gas CEO William Kelleher said the company combined P50 indicative volumetrics in the Danica Jutland project, while it has added 134 million barrels of oil equivalent and $1.22bn to New world.

"These numbers include only the three of ten identified prospects or leads that have been formally reported on," Kelleher added.

"As with our other Danish project, Danica Resources, there is considerable potential to significantly increase the combined volumetrics further.

"In Denmark as a whole, we have identified 39 prospects/ leads, a number of which have the potential to be company makers in their own right."

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Image: Danish Energy Authority has approved an additional 12.5% working interest in the licences 1/09 and 2/09 of Danica Jutland project to New World Jutland. Photo: Courtesy of Chrish9309.