New World Confirms Termination Date For Belize Production Agreement

New World Oil and Gas PLC Tuesday said the termination date of the Blue Creek production sharing agreement with the Belize government will be October 31.

The company had previously reported that the agreement, which is in respect of its Blue Creek project in Belize, would terminate on October 12 unless an additional well was spudded before that time or unless it was extended by agreement with the Belize government.

On Tuesday, New World said that the actual termination date will be October 31.

New World added that it will be discussing options on continuing its participation in the licence during the course of this week with the Belize government.

It also confirmed that it is continuing to negotiate and discuss with potential partners participation in the drilling of a well on a drillable prospect at Blue Creek before the deadline to spud a well.

"It should be noted that there is no certainty that the Blue Creek PSA will be retained. In the event that it does lapse, then New World will cease to have any trading businesses and so will be treated as an investing company under AIM Rule 15," the company said in a statement.

Shares in New World were trading down 0.9% at 0.0694 pence Tuesday morning.

London SouthEast

---

New World Oil & Gas continues negotiations with Belize Government over project

New World Oil & Gas is in continued negotiations with the Belize Government over the termination of its Blue Creek Production Sharing Agreement.

The company had previously announced the deal would come to an end by October 12 of this year unless an additional well is spudded before that time.

However additional legal advice has shown the definition of a term for the contract is a period of eight years.

It means the contract deadline which began in 2007 will come to an end on October 31st of this year instead.

New World said it will be discussing its options on continuing its participation in the licence during the course of the next week with the Belize Government.

A spokesman said there was “no certainty” the Blue Creek PSA will be retained.

Energy Voice

New World gets extension in Belize

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”

Source

New World Oil To Move Away From Energy And Into Data Services

New World Oil & Gas PLC Monday said it may be moving away from the oil and gas sector after signing an agreement to potentially complete a reverse takeover of a data services company, in a deal which could include a fundraising.

New World Oil underwent significant change in the second half of 2015 after a shareholder action group successfully called for a board reshuffle and the company has been quiet after admitting there had been no new developments on its onshore oil project in Belize since last October.

The Blue Creek project is New World's only significant asset and the licence was extended in late 2015, the same time when the company decided to relinquish its licenses in Denmark. However, the deal Monday suggests the company is hoping to offload Blue Creek and move away from the oil and gas sector entirely.

Moving in an completely different direction, New World has signed a non-binding letter of intent to takeover Big Sofa Ltd, a company which started out as a marketing consultancy firm before developing into its current state as a technology services company focused on video and image analytics.

Big Sofa uses visual data by utilising technology that has been developed internally to provide customer and consumer insights to its clients. By managing and analysing visual data on a large scale, the company can enable its clients to get closer to how consumers interact and provide them with a competitive edge in developing new products or innovative services, New World said.

More...