New World Oil and Gas has secured an eight-month extension in work programme commitment deadlines for Licence 1/08 ('the Licence') at its Danica Resources Project in Southern Denmark. This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company's 20% full-paying partner, and approved by the Danish Energy Agency. In order to secure the extension, New World has committed to a geochemical survey to high grade its existing prospect inventory in an effort to determine the best possible candidate for a 3-D seismic survey prior to making a commitment to drill.
In addition to allowing New World more time to further evaluate the prospects defined by the 3-D survey, the extra eight months will enable New World to continue on-going discussions with potential farm-in partners.
New World has completed the Danish licence obligations with regards to seismic acquisition. A total of 205 km of 2-D seismic has been acquired on Licence 1/08 and, as a result, New World currently holds 25% working interest in this licence. Since acquiring the licence in 2012, the Company has commissioned and released a number of Competent Person's Reports, identifying four drill-ready prospects in Denmark.