New World O&G extends Danica deadline. Relinquishes offshore part

New World Oil and Gas Plc, an oil and gas operating company focused on Denmark and Belize, has secured an extension in work programme commitment deadlines for Licence 1/08 at its Danica Resources Project in Southern Denmark to 31 January 2015.

This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company’s 20% full-paying partner, and approved by the Danish Energy Agency and follows the extension announced on 1 October 2013.

Terms of the Licence Extension:

– Commit to a new surface geochemical survey over a minimum of two prospects to clarify the existing prospect inventory:

– Reprocess 24 2-D seismic lines (435.40km) previously acquired over the prospects and leads and integrate the interpretation with existing data;

– Commit to acquire 3-D seismic data over one or more prospect by 31 January 2015 in order to be able to commit to drill one exploration well by 31 March 2016, or relinquish the Licence;

– If the Licence is not relinquished and New World wishes to continue with exploration by drilling one exploration well, the Danish Energy Agency will be prepared to approve an application for a further extension, such application to be submitted by 28 February 2016.

In addition, New World have requested to relinquish a greater part of the offshore part of the Licence Area. Despite finding the offshore part prospective, the Company have decided that the potential of the area must first be proven onshore before investing in exploration offshore.

Press Release, June 09, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply