New World Oil and Gas said that it has commenced drilling on Rio Bravo #1 well at the Blue Creek Project in Northwest Belize.
The well is targeting the West Gallon Jug Crest prospect, which is expected to contain P50 un-risked prospective resource of 113 million barrels of oil (MMbo) with a Net Present Value of $2.6bn, according to an estimate by RPS Energy.
The company will use ThermaSource International’s rig #104 to drill the well to a total depth of 8,800ft and to target the Upper Jurassic Margaret Creek Formation.
Upon reaching the total depth, the company is expected to release the drilling results by 1 May 2013.
According to the drilling results of B Crest prospect, an active hydrocarbon system has been found to be present at the Blue Creek and West Gallon Jug acreage, particularly at the Blue Creek #2 and #2A ST wells.
The West Gallon Jug Crest prospect is situated about 35km SSW from the B Crest Prospect, which is a four way structural closure.
New World Oil and Gas CEO William Kelleher said the first two wells in NW Belize have confirmed the presence of several main elements, which will support to prepare a working hydrocarbon system such as source, migration and seal.