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Alliance News

New World Oil & Gas Says Continuing To Work On 75% Share Subscription

Wed, 20th Nov 2013 09:23

LONDON (Alliance News) - New World Oil & Gas PLC Wednesday said it is continuing to work with Niel Petroleum SA to finalise its proposed subscription for over 75% of New World's shares.

The oil and gas exploration and development company, with operations on Belize and Denmark, said it will make a further announcement when all matters have been resolved and it expects to be able to do so later this month.

New World Oil and Gas has repeatedly announced delays to the investment, approved by New World shareholders on September 12. Niel Petroleum is buying 2.19 billion shares in New World for USD25 million, while also providing a USD25 million debt facility.

New World said it believes Niel Petroleum fully intends to complete the investment. New World said the fresh equity capital will be used to acquire near-term production or producing oil and gas projects to complement its existing exploration portfolio, while the debt facility will fund development work.

New World Oil & Gas shares were up 18% to 0.770 pence, making it the third-highest AIM gainer in early trading Wednesday.

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

Copyright 2013 Alliance News Limited. All Rights Reserved.

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