COPENHAGEN, Denmark – New World Oil and Gas has completed a farm-out agreement concerning license 1/08 offshore/onshore southern Denmark.
The company will become operator of the license in the western Baltic region of the South Permian basin.
Phase 1 of a planned 150-km (93-mi) 2D seismic acquisition program is due to start later this spring. Processing and interpretation should be completed by end-summer, at which point the partners must decide whether to drill a well or acquire additional seismic data. This well would have to be drilled by end of 3Q 2014.
The license includes the Als prospect, thought to hold P50 resources of 97 MMbbl of oil and 1.401 tcf of gas.