Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

New World continues efforts over NP subscription

New World continues efforts over NP subscription

New World Oil & Gas (LON:NEW) is continuing efforts to progress the Niel Petroleum  subscription, announced last year, the firm said in its latest half year results.

Under the deal, NP would would invest US$25 million into New World.

"Whilst discussions have continued with NP, we regret to inform shareholders that we have not yet seen evidence of sufficient funds for the subscription to proceed although we continue to be assured on a frequent basis that we will and, as noted below, have already received an amount of US$4.8 million in escrow," New World said.

The pre-tax loss for the six months to end June narrowed to US$1.9mln compared to  a loss of US$9.5mln in 2013 as it reduced overheads.

The first half saw it re-negotiate and extend its work programme deadlines in the firm's three Danish licences, allowing additional time to negotiate farm-out agreements.  

"Over the past 6 months, we have met with and discussed the projects with a number of potentially interested parties, and we continue to do so. 

"In Belize, where we currently hold a 100% working interest in the Blue Creek Project, the deadline for the expiration of our Production Sharing Agreement has been extended to October 2015.  

"With our local partners, Blue Creek Exploration Ltd, we continue to seek out and discuss possible farm-out partnerships. In addition, we have attended industry conferences in both America and in Europe, in our continuing effort to find partners. 

"Finally, we have contracted a reputable search firm to assist in the farm-out process," the firm told investors.

View full NEW profile View Profile

New World Oil & Gas Timeline

Newswire
September 15 2015

Related Articles

picture of gas flare
February 13 2018
A new gas generator also came on stream recently and has started to produce the first power from the project
oil and gas operations
July 09 2018
Greka highlighted improved revenues which boosted gross profit despite the challenges experienced in India and China through 2017.
The project site in Greenland
March 22 2018
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use