StockMarketWire.com - New World Oil & Gas Plc said its Rio Bravo #1 Well, on the West Gallon Jug Crest prospect in Belize, was drilling at about 7,700 feet but commerciality had yet to be determined.

"Whilst a number of hydrocarbon shows have been recorded, the commerciality of these shows can only be determined once the well is drilled to total depth, open hole logs are run and interpreted, and well testing results are available," the company said.

The well has a target depth of about 8,800 feet. On-going operations are continuing to proceed without incident, are on schedule and under budget.

As reported in the Company's Re-Admission Document dated 3 July 2012, the West Gallon Jug Crest prospect shows P50 un-risked prospective resources of 113 million barrels of oil ('MMbo'), with a P50 Net Present Value ('NPV10') of US$2.6 billion on a 100% working interest basis.




Story provided by StockMarketWire.com