Update on Subscription to raise USD25 million

New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas

4 March 2014

New World Oil and Gas Plc ('New World' or 'the Company')

Update on Subscription to raise US$25 million

Further to the approval of Shareholders at the Annual General Meeting on 12 September 2013, New World has continued to work with the Subscriber, Niel Petroleum SA ("Niel"), to complete the subscription on the agreed terms, namely the issue of Subscription Shares at 0.735p per Subscription Share.

It was announced on 22 January 2014 that the Company was holding in escrow Subscription funds to the value of US$4.8 million from Niel. US$20.2 million, the balance of the agreed Subscription funds, was expected to have been paid by Niel by the end of February and at that stage the total of 2,184,897,959 Subscription Shares would have been issued and allotted in accordance with the transaction approved by Shareholders. 

These remaining funds have not been received; but Niel has now paid a fee of US$250,000 out of the escrow funds (and independently of the subscription amount) in consideration of an extension for the completion of the subscription until no later than 31 March 2014.

A further announcement will be made in due course.

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