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

Rebels propose fresh direction for New World Oil

Action group hopes to take NWOG into medical technology
Rebels propose fresh direction for New World Oil
New World Oil is in talks about new projects and tie-ups

The saga surrounding the future of New World Oil & Gas (LON:NEW) has taken another twist as rebel investors proposed a team to take it in a different direction.

The rebels, represented by lobby group NWOGaction, are backing the nomination of three directors to the board at the company's forthcoming annual meeting.

They said one of the candidates, Adam Reynolds, had identified a project and team to take the company into medical technology.

Reynolds and the other two candidates, Nick Mustoe and Mark Collingbourne, have been involved in medical companies Optibiotix Health (LON:OPTI) and Premaitha Health (LON:NIPT).

The investors have become concerned about the company's future following the falls in the oil price and the turmoil hitting the industry.

NWOGaction now represents investors holding 11.04% of the group, which focuses on Belize and Denmark.

In a statement, the action group said: "It is NWOGaction’s firm belief that the company requires a significant change in direction."

They added: "This is a radical departure from the company’s current business model, but with the various ills afflicting the oil & gas sector, NWOGaction is convinced such a change of course would be to the advantage of all shareholders."

In September, NWOG said it was in talks about seven new projects and was trying to attract farm-in partners for its Belize and Danish schemes.

It raised £3.5mln through a share placing and open offer to existing shareholders to fund existing projects, as well as working capital and the new schemes.

It follows an episode in which investor Chris Williams, otherwise known as "Chris Oil", claimed to have accidentally bought nearly half the company on his mother’s behalf, technically forcing her to make an offer for the entire company. She later had her stake reduced to 25.94%.

Some 342.3mln shares were bought at the end of April and whilst the initial stock market notification claimed this represented 10% of the company; it should have read 48.7%.

View full NEW profile View Profile

New World Oil & Gas Timeline

Newswire
September 15 2015

Related Articles

Trinidad drilling
July 23 2018
The City broker’s bullish view comes after its analysts upgraded their sum-of-the-parts valuation for the Trinidad-focused oil producer by circa 20% to 35p, up from 29p previously
New prospect areas near the Dorado-1 oil discovery
October 15 2018
Three additional prospects are estimated to contain significant quantities of oil, gas and condensate.
oil and gas operations
June 08 2018
Sound Energy is advancing with multiple work-streams which means a number of value catalysts are coming down the line for investors.

© 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