New World Oil and Gas has been granted an additional extension in work programme commitment deadlines for Licences 1/08, 1/09 and 2/09 at its Danica Jutland and Danica Resources Projects in Denmark to 15 March 2015. The Company currently holds a 25% working interest in the Licences through its Danish subsidiaries. This extension will allow the licence holders to propose additional technical work to further de-risk the prospects on all three licences.
New World Chairman Chris Einchcomb said: 'The Company is pleased with this licence extension as it allows us to continue our efforts to both de-risk the most prospective areas in our licences and seek partners with whom we can develop these promising fields. We are grateful to the North Sea Fund and the Danish Energy Agency for their continued support. We will continue to keep the market updated as needed.'