New World Oil and Gas announced that the Danish Energy Authority has approved 25% working interest in Licence 1/08 of the Danica Resources Project in Denmark, to its wholly-owned subsidiary New World Resources.
Licence 1/08 includes 6,420km² in the Western Baltic region of the South Permian Basin in Southern Denmark.
The authority has assigned the working interest to the company in line with the Farm-Out Agreement, which was announced on 17 April 2012.
As part of the agreement, the company will complete Phase 1 of a 2-D seismic acquisition programme, which includes 166.44km², as well as additional 38.5km² 2-D seismic acquisition programme on two re-confirmed leads.
The Als prospect of Phase 1 includes an estimated P50 un-risked prospective recoverable resources of 1.4 TCF and 97MMbo, which is worth about $2.4bn, according to a report released on 22 January 2013.
The company has also confirmed four leads in Zechstein on Falster and Lolland Islands based on new seismic data, which spans about 38.5km.