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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.

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New World Oil & Gas Timeline

September 15 2015

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