LONDON (SHARECAST) - New World Oil and Gas, a company focused on Belize and Denmark, has said that the Belize Ministry of Energy, Science & Technology and Public Utilities has formally approved the assignment of a further 10 per cent working interest in the Blue Creek Project, located in the producing Petén Basin in Northwest Belize.
This assignment, which was approved following the acquisition of an additional 43 line km of 2D seismic data, brings the company's total working interest in the project to 35%.
Under the terms of the farm-out agreement, the company can earn up to a 100% working interest in the project by achieving various milestones.
Chief Executive Officer William Kelleher said: "Earning into a 35% working interest in the highly prospective Blue Creek project, Belize, marks the formal end of our successful seismic acquisition programme and the beginning of a highly anticipated drilling campaign.
"On September 27th 2012 we spudded our first well on our B Crest Prospect, which, on completion, will see our interest in the project increase to 56.6%. Combined with our recently announced placing, I look forward to updating shareholders on our progress during this exciting time for the company."
The share price fell 1.32% to 9.38p by mid-afternoon.