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New World Oil & Gas (NEW)

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Tuesday 19 July, 2016

New World Oil & Gas

Update on Big Sofa Limited

RNS Number : 6019E
New World Oil & Gas
19 July 2016
 

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







 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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