New World ups Blue Creek stake

Belize: New World Oil & Gas increased its interest in the Blue Creek project to 35% upon the completion of a seismic acquisition programme

New World Oil & Gas

related stories

Danica Newnham

 10 October 2012 09:18 GMT

London-listed New World Oil & Gas has increased its stake in the Blue Creek project in the Peten basin in north-west Belize to 35%.

The company can earn up to a 100% working interest in the project by achieving various milestones set out in a farm-out agreement finalised in May.

Following the acquisition of 43 line kilometres of 2D seismic data, New World was approved a further 10% interest in the project, bringing its total current stake to 35%.

New World chief executive William Kelleher said the assignment of extra interest marked the formal end of the seismic acquisition programme and the beginning of a highly anticipated drilling campaign.

“On 27 September 2012 we spudded our first well…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index