New World Oil and Gas (LON:NEW) now owns 100% working interest at its Blue Creek project in Belize.
It means the oil group is now ideally positioned to find a farm-in partner to continue its exploration programme in the central American country, it told investors.
The relevant government authority approved the final 25% working interest to the firm's subsidiary following the drilling of the well on the West Gallon Jug Crest prospect.
The firm's chief executive, William Kelleher, said earning into the whole project marked the end of the required work programme as agreed in its farm-out agreement with Blue Creek Exploration, which exceeded the requirements of the Belize government under the terms of the production sharing agreement.
"New World is now ideally positioned to seek a farm-in partner to continue its exploration programme in Belize where a number of prospective locations remain to be drilled.
"As previously announced, New World has set up a virtual data room at RPS Energy Services, and we have received enquiries from several interested parties with whom discussions are on-going."