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#463082 - 04/26/13 10:56 AM New World Oil abandons Belize well
Marty Offline

New World Oil and Gas plummets on Belize well abandonment

Shares in New World Oil and Gas (NEW) plunged almost 30% on Friday after it announced it had plugged and abandoned its Rio Bravo well in north-west Belize.

The well was deemed non-commercial.

Separately, the company revealed samples showed the existence of an active hydrocarbon system and live oil shows were measured in the Belize Y3 and Hill Bank formations.

The company insisted that the technical data produced by the Rio Bravo well demonstrated that the New World acreage would "likely contain" productive reservoirs.

New World said the acreage "will play an important role during the drilling of the future wells in Belize".

"We remain confident that the elements required for a working hydrocarbon system are in place in north-west Belize," commented William Kelleher, chief executive officer.

"As highlighted by our results to date, trap and timing of migration remain the key outstanding elements required for success in this area and, with multiple prospects already identified, we believe it is only a matter of time before we locate a trap of significant size."

Accordingly, the company revealed it was in initial talks with potential farminees, in order to fund further exploration on the Blue Creek licence in Belize.

New World confirmed it had submitted an application to the government of Belize for the assignment of the final 25% working interest in the Blue Creek licence, which would elevate the company's working interest to 100%.

"Our remaining five drill ready prospects in Blue Creek, and the multiple prospects identified in our three licence blocks in Denmark will mark the next milestones for the company," added Kelleher.

Approval from the government is expected in the coming weeks. The company also confirmed well costs were on time and under budget.

Analyst view

Craig Howie, analyst at Shore Capital, which is a broker for New World, said that this was "a disappointing outcome".

Source


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#463219 - 04/27/13 11:13 AM Re: New World Oil abandons Belize well [Re: Marty]
Marty Offline

Oil company folds on operation and moves to another

The Prime Minister will be having a press conference on Monday at which time information may be forthcoming on whether or not the oil find by Maranco Energy Belize Limited is deemed to be in commercial quantities. But tonight there is information of another company that has been exploring in Northwest Belize near the Rio Bravo in the Orange Walk District.  According to a report published online today, the company says that after analysis and in consultation with its partners, Blue Creek Exploration and the government of Belize, New World has determined that “insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations.” The company, however, is expressing optimism for future prospecting saying that the elements required for a working hydrocarbon system are in place in north-west Belize and that it is only a matter of time before the company can locate a trap of  significant size.

Channel 5


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#463367 - 04/30/13 12:24 AM Re: New World Oil abandons Belize well [Re: Marty]
Marty Offline
At press conference today:

As it relates to the announcement a few weeks ago of an oil find by Maranco Limited, the Prime Minister said it has hit a snag.

DEAN BARROW
PRIME MINISTER OF BELIZE

"There were some problems because it appeared that salt water was seeping up into the well and affecting therefore, the oil. They tried to plug that leak and a permanent cement bridge plug will be inserted and cement squeezed into the wet zone to cut off any chance of the salt water continuing to leak up to the well. There is a second problem though, the acid that was injected into the well to clean up the well of drilling well did its job and so that first acid injection allowed the explorers to clean up the well sufficiently so that there was the influx of oil; the idea of getting rid of the drilling mud is to allow for the free flow of the oil and this is how the original samples were obtained. once the drilling was completed, each casing on top of the oil bearing formation was installed but the difficulty is that the acid that was used to clean up the well, to try to rid the well of the drilling mud is not reacting properly with the type of oil that has been found. This is not the light, sweet crude; this is a thicker grade of oil. So the acid did clean up the well, broke down the drilling mud but unfortunately over that period of time it also had an adverse effect in that it reacted with the liquid oil and turned into a thick tar substance and it is that tar substance that is now acting as a barrier somewhere back up the oil formation and that is then stopping the liquid oil from flowing properly and entering the well bore."

Samples will be sent to Panama for testing so experts will advise on the way forward. The Prime Minister said it will be a couple of weeks before it is known if the oil find is in commercial quantities.

LOVE FM

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#463449 - 05/01/13 11:31 AM Re: New World Oil abandons Belize well [Re: Marty]
Marty Offline

Quality of oil found is not light sweet crude

In late March, there was the announcement of a showing of oil in the Orange Walk district, and a statement that testing to determine if it was commercial would take somewhere in the region of two weeks. So there was speculation of an oil bonanza announcement. But there wasn’t at the P.M.’s press conference since Maranco Limited has run into some problems; first with salt water seeping into the well, and then with the acid used to clean up the drilling mud interacting with the oil to create sludge. Long story short, there is work being done to deal with the salt water and the sludge, and then there’ll be more testing to determine if the well is commercial, and to what extent.

Prime Minister Dean Barrow

“Mr. Marriott tells me that in his view it is, but of course, there’s commercial and then there’s commercial, so precisely how commercial it is will not be known now until these processes are completed and that’s going to take another couple of weeks. Believe me when I ask you to bear strain and have patience, it is because I myself have been exercising a formidable degree of patience coupled of course with prayers…not least because I see Mr. Dylan Reneau giving me what looks suspiciously like an evil eye from the back there. A lot is riding on this including our ability to deliver to our much beloved teachers and public officers.”

The Prime Minister mentioned in his report that the quality of oil found is not the light, sweet crude found by BNE in Spanish Lookout in the Cayo District. But other than that, it’s back to the waiting game.

Channel 5


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#467269 - 06/26/13 11:18 AM Re: New World Oil abandons Belize well [Re: Marty]
Marty Offline

New World Oil and Gas dips after deeming Rio Bravo well 'non-commercial

Shares in New World Oil and Gas dipped on Friday morning after the oil and gas exploration company reported that insufficient commercial quantities of moveable hydrocarbons had been found at the Rio Bravo well in Northwest Belize.

The company, which is focused on Belize and Denmark, said that the well, which is located in the Petén Basin, had been drilled to a measured depth of 9,010 ft on April 21st.

Following analysis, and in consultation with New World's partners, Blue Creek Exploration, and the government of Belize, the company said it had been determined that insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations.

As a result, the company said it had deemed the well non-commercial and decided to plug and abandon Rio Bravo.

William Kelleher, Chief Executive Officer of New World Oil and Gassaid: "Analysis of the data gathered from the Rio Bravo well points to an active working hydrocarbon system throughout this area. Combined with the presence of a reservoir ideal for oil production, and a large, extensive anhydrite seal, we remain confident that the elements required for a working hydrocarbon system are in place in North West Belize."

He added: "Many obstacles were overcome and much valuable information was acquired that will now be applied to any further wells.

"Our remaining five drill ready prospects in Blue Creek, and the multiple prospects identified in our three licence blocks in Denmark will mark the next milestones for the company and I look forward to providing updates on these exciting prospects in due course.

SOURCE


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#467270 - 06/26/13 11:20 AM Re: New World Oil abandons Belize well [Re: Marty]
Marty Offline

New World Oil and Gas dips after deeming Rio Bravo well 'non-commercial

Shares in New World Oil and Gas dipped on Friday morning after the oil and gas exploration company reported that insufficient commercial quantities of moveable hydrocarbons had been found at the Rio Bravo well in Northwest Belize.

The company, which is focused on Belize and Denmark, said that the well, which is located in the Petén Basin, had been drilled to a measured depth of 9,010 ft on April 21st.

Following analysis, and in consultation with New World's partners, Blue Creek Exploration, and the government of Belize, the company said it had been determined that insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations.

As a result, the company said it had deemed the well non-commercial and decided to plug and abandon Rio Bravo.

William Kelleher, Chief Executive Officer of New World Oil and Gassaid: "Analysis of the data gathered from the Rio Bravo well points to an active working hydrocarbon system throughout this area. Combined with the presence of a reservoir ideal for oil production, and a large, extensive anhydrite seal, we remain confident that the elements required for a working hydrocarbon system are in place in North West Belize."

He added: "Many obstacles were overcome and much valuable information was acquired that will now be applied to any further wells.

"Our remaining five drill ready prospects in Blue Creek, and the multiple prospects identified in our three licence blocks in Denmark will mark the next milestones for the company and I look forward to providing updates on these exciting prospects in due course.

SOURCE


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