New World Oil and Gas has been granted a three week extension in work programme commitment deadlines for Licences 1/08, 1/09 and 2/09 ('the Licences') at its Danica Jutland and Danica Resources Projects in Denmark to 20 February 2015. The Company currently holds a 25% working interest in the Licences through its Danish subsidiaries. This extension will allow the licence holders to finalise their technical work and interpretation carried out in 2014.
As agreed with the North Sea Fund ('NSF'), the Company's 20% full-paying partner, and the Danish Energy Agency ('DEA'), New World carried out additional technical work in the form of a Vaportec style geochemical survey during the summer of 2014, with the deployment and collection of a total of 626 samples. Additionally 678.8 km of 2-D seismic lines were re-processed.