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Alliance News

New World Oil And Gas Has Not Yet Received Niel Petroleum Payment

Tue, 4th Mar 2014 13:31

LONDON (Alliance News) - New World Oil and Gas PLC Tuesday said it has yet to receive USD20.2 million in subscription payments from Niel Petroleum SA.

The oil and gas exploration and development company, with operations on Belize and Denmark, said that the balance of agreed subscription funds, related to a deal from September 2013, was expected to have been paid by Niel at the end of February and at that stage a total of 2.18 billion subscription shares would have been issued in accordance with the subscription.

The company said Niel has paid USD250,000 out of the funds in consideration of an extension for the completion of the subscription until no later than March 31.

New World Oil and Gas shares were down 2.1% to 0.734 pence Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright © 2014 Alliance News Limited. All Rights Reserved.

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