Update on Framework Agreement and Subscription

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.

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