New World Oil & Gas (LON:NEW) has secured a six month extension to its work programme deadlines on its two licences in Denmark.
The extension for the onshore licences 1/09 and 2/09 now runs to June 17 this year.
This will allow the group to continue discussions with potential farm-in partners, it said.
In return, the AIM listed explorer has committed to carrying out a passive gas survey to expand its existing prospect inventory to determine the best candidate for a slim-hole well, ahead of a decision on whether to sink a conventional well.
The extension was discussed with New World’s 20% partner, the Danish North Sea Fund, and signed off by the country’s energy agency.
Chief executive William Kelleher told investors: "We will update the market on the results of the recent seismic activity and our discussions with potential farm-in partners in the coming weeks as we look to defray the risk and share the cost in Denmark going forward."
Since acquiring the licences in 2012, the firm has released a number of competent person's reports resulting in indicative volumetrics and success case economic outcomes for the licences totalling 591 BCFG (unrisked sum of individual P50, discovery case) and a NPV10 (net present value discounted at 10%) of US$655.7 million net to New World.
Shares dipped 2.94% to 0.825p.
