- New World Oil & Gas said it has commenced drilling the Rio Bravo #1 well targeting the West Gallon Jug Crest Prospect at the Blue Creek Project, Belize.

West Gallon Jug Crest is extimated to hold a P50 un-risked prospective resource of 113 million barrels of oil ('MMbo') (Y1 and Y2 intervals), and a P50 un-risked Net Present Value ('NPV10') of $2.6 billion on a 100% working interest basis.

The drilling till be to a total depth of 8,800ft, targeting the Upper Jurassic Margaret Creek Formation. Drilling results will be released once the total depth has been reached, which is expected to be by 1 May 2013.

"On the completion of this third well, we will have earned into 100% working interest in our Blue Creek Project. RPS Energy has assigned an unrisked P50 resource of 113MMbo for West Gallon Jug which equates to a NPV10 of US$2.6billion on a 100% working interest basis. I look forward to working with ThermaSource again, our first class drilling contractors, as we set out to deliver our aim of making a commercial hydrocarbon discovery."

At 8:16am: [LON:NEW] New Look Group share price was +0.01p at 4.13p

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