- Oil and gas company New World Oil and Gas said its chances of making a commercial discovery in Belize have greatly improved, and expects to confirm this in coming weeks.

In Belize, the company's B Crest Prospect is located in the productive Petén Basin

Its Blue Creek #2 well confirmed the presence of a working hydrocarbon system.

New World said there was about 45% and 65% oil saturation in the lower Cretaceous Dolomites of the Y3 and Hill Bank formations following petrophysical interpretation of open-hole logs

It was currently drilling a deviated well, the Blue Creek #2A ST, targeting potential commercial oil accumulation up structure above the interpreted oil water contact.

The Well will be drilled to an angle of 35 degrees relocating the bottom hole location of Blue Creek #2 by some 4,535 feet to the SSE and up-structure 300 feet.

At December 7, the well was at 4,500 feet.

"The directors believe the chances of discovering a commercial oil accumulation at B Crest have materially increased," New World said.

At 9:23am: [LON:NEW] New Look Group share price was +0.26p at 9.63p

Story provided by