27 August 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised New World Oil & Gas plc (“New World”) on a proposed financing package of up to US$50 million to acquire and pursue new business opportunities.
The financing is to be provided by Niel Petroleum S.A., a Luxembourg incorporated oil and gas company, and comprises of an issue of ordinary shares to raise US$25 million and a proposed loan of US$25 million.
New World is an oil and gas operating company with exploration assets in Belize and Denmark. The transaction is subject to shareholder approval which will be sought at New World’s annual general meeting on 12 September 2013.
If approved, the shares will be issued and admitted to trading on AIM at the end of September 2013. New World expects that the proceeds from the issuance of shares will be primarily used for exploration, development and/or producing oil and gas assets.
Jan Mellmann, partner and Head of the WFW Natural Resources Group, led the team with assistance from associates, Rebecca Cressy and Sarah Williamson, and trainee solicitor, Matthew Seah.
William Kelleher, Chairman and Chief Executive of New World comments: “We are excited with the outcome of our transaction with Niel Petroleum, of which WFW played a significant role in helping us to this stage. The results of this financing will enable us to participate in a number of new projects which help us grow into a stronger and more sustainable company in the future. The WFW team of Jan Mellman, Rebecca Cressy, Sarah Williamson and Matthew Seah are truly exceptional. They are genuine professionals in every respect and I speak for myself, and all our directors, when I express our true appreciation and gratitude for all their efforts.”
Jan Mellmann, partner and head of Natural Resources at WFW said: “We are delighted to have advised longstanding client New World on this very significant development. If approved, the transaction will provide New World with substantial financing which will allow it to execute potential investments in new opportunities in accordance with New World’s strategy and will support and strengthen the company’s ongoing discussions in relation to farm-out opportunities for its existing assets in Belize and Denmark.”