New World Oil and Gas provides an update on drilling operations at the B Crest prospect on the Company's flagship Blue Creek project, located in the productive Petén Basin in Northwest Belize.

The Blue Creek #2 well (the 'Well') commenced drilling operations on 27 September 2012, and to date all operations are on schedule and under budget. As at 06.00 CST in Belize on 15 October 2012, the Well had drilled to a depth of 3,150ft. The Company expects to reach the target depth ('TD') of 7,000ft on or before 15 November 2012.

At this depth the Well will have reached the base of the mid Cretaceous Y2 interval. Should an oil discovery be made at B Crest, field operations will likely continue through year-end and into next year to determine the total potential of any find.

Tags: New World O&G