19 Jul 2016 11:40
New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas
For immediate release 19 July 2016
NEW WORLD OIL AND GAS PLC ("New World" or "the Company")
Update on Big Sofa Limited
The Board is pleased to announce that the second tranche of the loan to Big Sofa Limited ("Big Sofa") for working capital purposes, as described in the Company's announcement of 9 May 2016 and approved by shareholders at the Company's EGM on 17 June 2016, has now been drawn down in full. The Board is pleased with the progress that is being made by Big Sofa as regards current trading and the implementation of its strategic plan and can also confirm that the work with regard to its proposed acquisition by the Company is progressing well.
The Board is also pleased to report that Nicholas Lee has been appointed as Chairman of New World with immediate effect.
Enquiries: | ||
Adam Reynolds Nicholas Lee | New World Oil and Gas plc New World Oil and Gas plc | Tel: +44 (0)7785 908158 Tel: +44 (0) 20 7580 7576 |
Roland Cornish | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
Felicity Geidt | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |