New World given six-month extension for Danica Jutland licences

New World Oil and Gas has secured a six-month extension from the Danish Energy Agency to carry out further exploration at its Danica Jutland licences in Denmark.

A passive gas survey has been committed to expand its existing prospect inventory and a decision will be made whether or not to drill a conventional well.

The company said that the survey is currently underway and the extension allows more time for the ongoing negotiations with potential farm-in partners.

New World CEO William Kelleher said: "This further licence extension provides us with more time to complete our on-going passive gas survey with a view to making a drill decision at our Danica Jutland licences by early 2015."

New World has already completed the Danish licence obligations with respect to seismic acquisition.

A total of 155km of 2-D and 75sqkm of 3-D seismic data has been acquired on the licences and New World currently holds a 25% working stake in each licence.

The company carried out a geochemical survey on the licences and also undertook amplitude versus offset analyses.