New World gets extension in Belize

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New World Oil and Gas has negotiated a 12-month extension to its production sharing agreement for its Blue Creek project in Belize until October 31 2016.

While the expiry date of the PSA is extended, the approval restricts future activity to areas high-graded by New World in its extension application and areas identified as viable drilling targets by the seismic programme conducted in 2012-2013.

New World chairman Christopher Einchcomb said, “We continue to analyse different drilling techniques with a view to maximizing our potential chances of success whilst at the same time reducing the net cost to the group should we decide to conduct future drilling operations”