Thursday, October 11, 2012

20% CHANCE OF OIL SUCCESS, PROJECTED BY NEW WORLD OIL AND GAS IN NORTHERN BELIZE

New World Oil and Gas,  Click for Enhanced Coverage Linking Searcheswith operations in Belize, has raised £8.6mn (US$14mn) through the issue of 95.6mn new ordinary shares. 

Part of the proceeds will be used to fund the drilling of a third well at the Blue Creek project in the Petén basin, northwest Belize, the company said in a statement. The well will target prospect A which RPS Energy has given P50 volumetrics of 124Mb.

"We are now fully funded to complete our ongoing, three well drilling program in Belize and, in the process, acquire a 100% working interest in Blue Creek, which has current estimated gross P50 volumetrics of 329Mb," said company CEO William Kelleher.

He added that drilling has begun on the B Crest prospect which RPS has assigned a one in five chance of success and gross P50 un-risked prospective resources of 92.1Mb. This well is the first of the three with TD of 7,000ft (2,134m) expected mid-November.

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