New World Oil and Gas shares drop despite license extension

New World Oil and Gas said on Monday it has been granted an additional extension on its Danish licenses to 15 March.

The company, which holds 25% in the Danica Jutland and Danica Resouces projects, said the extension will enable the proposition of additional technical work to further de-risk the prospects on all three licences.

This is the second extension the oil and gas producer has requested to the North Sea Fund.

Chairman Chris Einchcomb said: "The company is pleased with this licence extension as it allows us to continue our efforts to both de-risk the most prospective areas in our licences and seek partners with whom we can develop these promising fields.

"We are grateful to the North Sea Fund and the Danish Energy Agency for their continued support."

Shares fell 9.68% to 0.14p on Monday at 14:21.