StockMarketWire.com - New World Oil and Gas, the exploration and development company focused on Belize and Denmark, has announced that following an analysis of recent open hole logging results and the conclusion of a petrophysical interpretation of the Y1, Y2, Y3 and Hill Bank formations at the B Crest prospect in Belize, live oil shows in the Y3 and Hill Bank reservoirs have been confirmed.

A decision has been made to drill a deviated well from the existing vertical well location to get up structure in the Y3 and Hill Bank formations to evaluate the trap potential in this part of the structure and to target additional potential oil accumulations.

This decision was taken with the approval of the Government of Belize.

New World CEO William Kelleher said: "I am extremely encouraged by the increased prospect of discovering a large accumulation on our B Crest prospect. Drilling results and log data so far confirm that we are in an active hydrocarbon system as evidenced by the logs and significant amounts of live oil observed at surface while drilling.

"The log results for the Hill Bank dolomite formation have indicated gross reservoir thickness of approximately 290 feet. By drilling a deviated well up structure from our current location toward a NE to SW bounding fault that images considerable vertical displacement on seismic in the Y3 and Hill Bank reservoirs, we expect an improved trap potential, obtain better log results and an increase in the gross reservoir thickness. This will be followed by well testing in the ordinary course of exploration operations."


At 11:35am: [LON:NEW] New Look Group share price was +0.51p at 9.38p



Story provided by StockMarketWire.com