New World Oil and Gas (LON:NEW) today has announced they received a positive update to their competent persons report (CPR) from RPS Energy. The report, which covers the Blue Creek project in Northwest Belize, states that the company has discovered a significant lead, in addition to the two drill ready prospects A and B Crest, after completing phase 3 of a 2-D seismic acquisition programme totalling 61 sq km.
The lead, which was discovered in the West Gallon Jug area, has been assigned a 1 in 10 probability of geological success (GPoS) with a P50 recoverable oil figure of 113.1 MMBO and an estimated market value (EMV10) of US$266 million.
Prospects A and B crest saw a slight decrease in P50 recoverable oil figures from 294 MMBBLS to 215.9 MMBBLS but management assured shareholders - "greater confidence now exists as to the accuracy of what is being reported."
"This CPR update confirms the Blue Creek Project in Belize, with indicative volumetrics and success case economic outcomes totalling 329 MMBO and an NPV10 of US$8.1bn (unrisked sum of individual P50 cases, representing three discoveries in multiple stacked reservoirs), has the potential to be world class." said William Kelleher, Chairman and CEO of NEW.
The Company will now move onto a forth phase of seismic activity, which is the last phase in a multi stage seismic programme, before mobilising a rig to camp where the company anticipates to commence its first well in Q3 2012.
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