New World raises exploration funds

by on October 9, 2012 7:47 am BST

The company raised the money through the issue of almost 95.6 million new ordinary shares at a price of nine pence per share.

New World said it would use the funds to drill a third well on its Blue Creek project in the Peten basin in north-west Belize.

The well will target Prospect A which has been independently estimated to hold 124 million barrels of oil by RPS Energy.

New World said it would also use part of the money raised to fund its planned 3D seismic programme on its Danica Jutland project in Denmark, as well as for general working capital purposes.