New World takes first Danish bite

Danish slice: New World has earned an initial 12.5% interest in the Danica Jutland project under the first phase of its staged farm-in agreement

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Josh Lewis

 07 August 2012 07:56 GMT

UK junior New World Oil & Gas has completed the first stage of a farm-in agreement covering two oil concessions in the onshore Jutland area in Southern Denmark.

The company announced on Monday that the Danish Energy Authority had formally approved the assignment of an initial 12.5% working interest in Licences 1/09 and 2/09.

New World entered the staged farm-in deals last year which could eventually see it take an 80% stake in the Danica Jutland project.

New World said it had satisfied the first stage of the farm-in to gain an initial 12.5% interest by acquiring 135 line kilometres of 2D seismic data.

It said it had already started a second seismic campaign which will see it gather 55 kilometres of…

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