New World Oil and Gas says that the Rio Bravo Well ('Rio Bravo') located in the productive Petén Basin in Northwest Belize was drilled to a measured depth of 9,010 feet on 21 April, 2013. Following analysis, and in consultation with New World's partners, Blue Creek Exploration Ltd., and the Government of Belize ('the Government'), it was determined that insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations. As a result, the Company has deemed the well non-commercial and decided to plug and abandon Rio Bravo.

The logs and core samples were independently analysed, as well as mud logs and all other available data. It has been determined an active hydrocarbon system exists and, as in the Company's previous well, live oil shows were measured in the Y3 and Hill Bank formations. Extensive residual oil was also present along with high saturations of formation water.

Tags: New World O&G