New World Oil and Gas plans to reach target depth at Blue Creek Project

New World Oil and Gas expects to reach the target depth of 7,000ft at the Blue Creek #2 well on or before 15 November 2012, at the Blue Creek Project in the Petén Basin, north-west Belize.

Since drilling operations started on 27 September 2012, the well has reached a depth of 3,150ft.

At the target depth the well will have reached the base of the mid Cretaceous Y2 interval, and if an oil discovery is made at B Crest, field operations will continue into 2013 to determine the total potential of any find.

The B Crest prospect is the first well of the three well drilling programme at the Blue Creek project.

RPS Energy said the B Crest prospect is to contain a P50 un-risked prospective resource of 92.1 million barrels of oil (Y1 and Y2 intervals) and a P50 un-risked NPV10 of $2.4bn.

West Gallon Jug Crest prospect is said to contain a P50 un-risked prospective resource of 113 million barrels of oil and a P50 un-risked NPV10 of $2.6bn.

A prospect is said to contain a P50 un-risked prospective resource of 124 million barrels of oil and a P50 un-risked NPV10 of $3.2bn.

Total P50 un-risked prospective resources of the three prospects amounts to 329 million barrels of oil and a P50 un-risked NPV10 of $8.2bn.

New World CEO William Kelleher said the company has de-risked its Belizean prospects by 60% through a successful multi stage seismic programme which will allow it to judge whether an oil discovery can be made by mid November 2012.

"Meanwhile in line with our strategy, a similar de-risking process at our Danica Jutland and Danica Resources projects in Denmark is proceeding according to plan and we expect to announce updated Competent Person’s Reports for both projects in Q4 2012," said Kelleher.

"With this in mind, we expect a high level of news flow for the remainder of the year, and I look forward to updating the market on our progress in the weeks to come."