Oil developers New World have been given an eight-month extension to start work on its Danica project in Denmark.
The project, which covers more than a million acres on the south eastern edge of the country, has already identified 22 potential oil and gas prospects.
Now the company has been given more time to evaluate the finds and continue discussions with partners for the project.
“We are very pleased to receive this extension as it will help facilitate our continuing discussions with various farm-out partner candidates,” said New World chief executive William Kelleher.
“With the probability of geologic success currently estimated at 1 in 8 by our competent person, it is our intention to defray the risk and share the cost at our Danish licences going forward.
“At the same time, a farm-out will also serve to highlight the value we have created to date through our extensive seismic acquisition programme.”
In order to secure the extension, the company has agreed to carry out a high grade geochemical survey to determine the best possible drilling site. One prospect, the Als find, is thought to have around 97million barrels of oil worth up to $2.4billion.
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