16 March 2012
Watson, Farley & Williams, a leading international law firm, is pleased to announce that it has advised AIM listed New World Oil and Gas plc on an international placing of 106,250,000 new ordinary shares at a price of eight pence per share, to raise £8.5 million.
New World is a company focused on investments in the oil and gas sector. Its assets include the 420 sq km Blue Creek Project in the Petén Basin, Belize and the Danica Jutland and Danica Resources Projects in Denmark. The proceeds of the placing will be used to continue the development of the company’s portfolio of investments and to provide additional working capital.
Jan Mellmann, Partner and Head of the WFW Natural Resources Group, led the team with assistance from Sarah Williamson and Rebecca Cressy. Antonios Backos and Steven Hollander, partner and senior associate respectively at WFW New York, assisted with the US aspects. New World also received Jersey law advice from Ogier. Beaumont Cornish Limited acted as nominated adviser, while Shore Capital Stockbrokers Limited acted as UK broker, and Sunrise Securities Corp. acted as US broker.
William Kelleher, Chairman and Chief Executive of New World comments: “We believe that investors have recognised the value and potential of the assets New World has assembled since listing on AIM, particularly our most advanced project, Blue Creek in Belize.
Following the placing, we believe the company is in a much stronger position to continue our negotiations with potential farm-in partners and other investors, meet our current commitments in Belize and Denmark, and take advantage of any suitable opportunities that meet our investment criteria. On behalf of the Board, I would like to thank shareholders and our advisors, most notably Watson, Farley & Williams, for their support and assistance.”
Jan Mellmann, Partner and Head of Natural Resources at WFW comments: “Having assisted New World on its AIM admission in May 2011 and £3 million fundraising in June 2011, this placement is another significant step for New World, and we are delighted to have advised on it. The appetite for investment in oil and gas projects remains high, and this is very encouraging.”