New World Oil and Gas

New World Oil and Gas (NEW) is poised to take another Danish concession, covering 6,400 sq km in the Western Baltic region.

Steered by entrepreneurial chief executive officer Bill Kelleher, the AIM-quoted company has signed a non-binding letter of intent with Denmark's Danica Resources and is conducting exclusive due diligence into Licence 1/08, which contains the Als prospect, potentially holding an estimated 97m barrels of oil and 1.4 trillion cubic feet of gas, together worth a theoretical $2.4bn (£1.5bn) gross.

If Jersey-based New World goes ahead, it will be the operator of the project and due to pay a staged $1.2m on seismic surveys of the licence. Kelleher, the former boss of chastened erstwhile AIM high-flyer Victoria Oil and Gas, declares that the new project will provide 'another attractive asset in our data room for possible participation by interested companies'.

Only the other day, Kelleher announced that New World's projects, including Danica Jutland in south-west Denmark and Blue Creek in Belize, Central America, had attracted 'several unsolicited approaches' from oil and gas companies. First recommended by Growth Company Investor at 4.38p in October (with partial profit taking suggested at 9.13p in December), New World shares have now reached 13.125p.

Hold on for now.