New World reviews Danish license potential

Jan. 12, 2012
New World Oil and Gas has signed a Letter of Intent with Danica Resources concerning a license offshore/onshore Denmark.

Offshore staff

HOUSTON – New World Oil and Gas has signed a Letter of Intent with Danica Resources concerning a license offshore/onshore Denmark.

The non-binding terms give New World 90 days to perform due diligence and complete a Competent Person’s Report on license 1/08, a 6,400-sq km (2,471-sq mi) oil and gas concession in the western Baltic region of the South Permian basin.

One of the main prospects is Als in the far west of the permit area, which has Zechstein and Rotliegendes targets with respective prospective resources of 97 MMbbl of oil and 1.4 tcf of gas, and additional potential in the Triassic.

These could be drilled from an onshore location on the coast of Als itself. If the proposed farm-in is agreed, New World would be named operator, sanctioning a staged investment in 2D seismic acquisition.

01/12/2012