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New World Oil and Gas Plc confirmed that the Danish Energy Authority has formally approved the assignment of an initial 12.5% working interest in licenses 1/09 and 2/09, totaling 1,586 sq miles (4,107 sq km) in the productive Jutland onshore area in southwestern Denmark, to the company's wholly-owned subsidiary New World Jutland Ap. This represents the assignment of the first tranche under the farmout agreements announced on Oct. 11, 2011.
The company has now embarked on a second phase of seismic acquisition, comprised of 34 miles (55 km) of 2-D seismic, to further delineate two Triassic prospects identified on License 2/09, which is nearly complete, and 29 sq miles (75 sq km) of 3-D seismic on License 1/09 in order to map the Jensen Zechstein prospect prior to exploration drilling.
Upon the completion of this next phase of seismic acquisition, New World Jutland will be transferred a further 12.5% working interest, bringing the company's total working interest in the project at that stage to 25%.