CALGARY, ALBERTA--(Marketwire - Feb. 4, 2013) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) announces further initiatives to focus on its core asset in the Belvoir prospect and streamline its exploration opportunities to The Gambia and specific geographic regions.
Update on Belvoir Prospect as Core Asset
Newton is focusing on its core asset of Belvoir while divesting itself of non-core UK East Midlands licenses and associated obligations. Newton believes Belvoir could be a significant economic prospect after an in-depth technical assessment of all its UK East Midlands licenses. The Company recently utilized previously unused seismic data for its re-interpretation of Belvoir. A slim hole test well was drilled on Belvoir in 1981 by British Petroleum and the well produced several hundred barrels of crude before being shut-in. The Company is updating its National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities report regarding the Belvoir prospect.
The Company has been working to secure access rights to Belvoir for the past four years and is currently negotiating land access agreements. Newton will subsequently file for local planning permission and drilling permits, a process which is anticipated to take 12 - 18 months.
Newton is in discussions with several potential joint venture and farm-in partners to facilitate field appraisal and development of Belvoir.
Corporate Initiatives and New Exploration Manager
The Company is streamlining its areas of exploration focusing on The Gambia and specific geographic regions. Newton continues to build its technical team in the UK.
The Company announces the appointment of Mr. Carlos Venturini as Exploration Manager. Mr Venturini has over 25 years of experience in structural geology, seismic interpretation and prospect generation. He is an expert in the petroleum geology of Africa and South America. Prior to this appointment he owned a North African consultancy business based in Libya and he previously held leading technical roles with ENI, Sipetrol and Schlumberger. Mr Venturini holds a BSc in Geology from La Plata State University, Argentina and an MSc in Structural Geology from Imperial College London.
Merv Chia, Executive Chairman, made the following comments "Newton Energy Corporation is focused on drilling an appraisal well at its sizeable Belvoir prospect after a long effort to access the site. We believe the Belvoir prospect represents significant value to our shareholders. The Gambia is another opportunity where Newton is working to create value."
CEO and Director Resignation
The Company also announces the resignation of Mr. Phil Birch as Chief Executive Officer and Director effective January 30, 2013. The Company would like to thank Mr. Birch for his contribution to Newton and wish him every success in the future. Mr. Merv Chia, Executive Chairman of Newton, will act as Interim Chief Executive Officer of the Company.
Newton holds UK East Midlands assets and a farm-in agreement in The Gambia Blocks A1 and A4. Newton believes its sizeable Belvoir prospect is a core asset and is in discussions with potential joint venture and farm-in partners to facilitate field appraisal and development of Belvoir.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining future operations, receipt of all necessary regulatory approvals and obtaining consents from third parties. Statements included herein, other than statements of historical fact, including, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Newton's disclosure documents on the SEDAR website at www.sedar.com Newton does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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