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New World Oil & Gas (NEW)

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Tuesday 24 June, 2014

New World Oil & Gas

Update on Framework Agreement and Subscription

RNS Number : 4231K
New World Oil & Gas
24 June 2014
 



New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas

24 June 2014                                                  

New World Oil and Gas Plc ('New World' or 'the Company')

Update on Framework Agreement and Subscription

  

On 8 May 2014 the Company announced that a Binding Framework Agreement had been signed for oil and gas drilling in Kuwait, and the marketing of produced crude oil volumes outside of Kuwait, and updated the market on the Subscription to raise US$25 million (the "Transaction").  The announcement stated that the Transaction was subject to completion, including the execution of definitive agreements, the receipt of the respective funds and compliance with regulatory requirements.

 

In this regard, the Transaction will be subject to the waiver of the obligation on Niel Petroleum SA to make a general offer under Rule 9 of the Takeover Code being approved by independent shareholders on a poll.

 

Due diligence is continuing and the Company will make a further announcement regarding the Transaction when funding has been confirmed and the Company is in a position to progress matters.

 

** ENDS **

 

For further information please visit www.nwoilgas.com or contact:

 

Enquiries:

William Kelleher

New World Oil and Gas Plc

Tel: +17134472171

Georges Sztyk

New World Oil and Gas Plc

Tel: +1514 9612247

Peter Sztyk

 

New World Oil and Gas Plc

 

Tel: +19172157122

 

Felicity Geidt

Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

Roland Cornish

Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

 

Jerry Keen

Shore Capital

Tel: +44 (0) 20 7408 4090

 

 

 

Hugo de Salis

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Lottie Brocklehurst

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Frank Buhagiar

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

 

 


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