New World is actively looking for a farm-in partner for its 100% owned working interest in the Blue Creek PSA in Belize in order to reduce the costs and risks associated with advancing the project. Once a farm-in partner has been found the Group intends to drill a well on the C South Prospect which is located in the eastern part of the northern licence block. A robust prospect has been seismically defined and a well location identified. An outline drilling plan is ready and an AFE is being prepared.
In addition, the Company is also pursuing new opportunities which have the potential to generate immediate or short term cash flow. Analysis has indicated that oilfield enhancement is an area that requires minimum up-front investment and potentially very significant upside. New World has been negotiating with companies that are knowledgeable in their respective geographical areas, with good contacts and technical expertise in oilfield enhancement. The Company feels that its field operations experience, coupled with good local partners, provides the best potential for future developments