New World has continued to work with the Subscriber, Niel Petroleum SA ('Niel'), to complete the subscription on the agreed terms. In line with this, New World has been informed that Dr. Muaaz KH M Alfahaid ('Dr Alfahaid'), a Kuwaiti national representing Al Maram Trading & Contracting LTD, will be acquiring a 20% ownership stake in Niel for a consideration of US$20 million, and in turn Niel will be using this consideration to complete the Subscription with New World.

With this in mind, the Company is pleased to announce that it expects the balance of the Subscription funds to the value of US$20 million to be paid by Niel no later than 30 July 2014 and following which 2,184,897,959 Subscription Shares will be issued and allotted at a price of 0.735p per share.

Tags: New World O&G