New Look : Result of the Placing and Open Offer

On 11 June 2015, the Company announced its intention to raise up to £3.5 million (before expenses) by way of a Placing and Open Offer for up to 3,888,873,028 Open Offer Shares.

The latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instructions (as appropriate) was 11.00 am on 6 July 2015. The Company announces today that under the Open Offer, valid applications were received from Eligible Shareholders in respect of their Open Offer Entitlements for, in aggregate, 581,155,233 Open Offer Shares, representing approximately 14.94% of the 3,888,873,028 Open Offer Shares.

Under the Placing Agreement relating to the Placing and Open Offer, Cornhill Capital, as placing agent for the Company, has received Placing Commitments from certain persons for 3,888,873,028 Clawback Shares under the Placing. The Clawback Shares are subject to the rights of clawback by Eligible Shareholders under the Open Offer and accordingly 3,307,717,795 New Ordinary Shares representing 85.06% of the 3,888,873,028 Open Offer Shares will be issued under the Placing.

Application has been made to the London Stock Exchange for the total of 3,888,873,028 New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 10 July 2015. The New Ordinary Shares will rank pari passu with all Existing Ordinary Shares.

Trading in the Company's Ordinary Shares is currently subject to Suspension, and the Placing and Open Offer is not conditional on the Restoration of Trading becoming effective. Restoration is not expected to take place until historic settlement issues in the Ordinary Shares have improved to enable orderly trading. The Restoration of Trading is subject to the Rules of the London Stock Exchange. Accordingly, New Ordinary Shares which are subscribed for under the Placing and Open Offer shall remain suspended from trading on AIM until the Restoration of Trading is effective. Whilst the Company intends the Placing and Open Offer to improve the settlement issues, there is no guarantee that this will be sufficient to enable Restoration.

At Admission, the Company will have 4,591,596,741 Ordinary Shares in issue each with voting rights attaching. The Company has no Ordinary Shares in treasury and, as a result, the total number of voting rights in the Company will be 4,591,596,741. This figure may therefore be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The net proceeds of the Placing and Open Offer will be used to progress the Group's projects, to fund additional new interests and for general working capital purposes.

Unless defined herein, capitalised terms used in this announcement shall have the meaning attributed to them in the document setting out details of and the terms relating to the Placing and Open Offer (the "Document") posted to certain Eligible Shareholders on 11 June 2015 and available to view on the Company's website, www.nwoilgas.com. The relevant definitions are set out in Appendix I to this announcement.

Enquiries:
Georges Sztyk	New World Oil and Gas Plc	Tel: [phone]
Peter Sztyk	New World Oil and Gas Plc	Tel: [phone]
Felicity Geidt	Beaumont Cornish Limited	Tel: [phone]
Roland Cornish	Beaumont Cornish Limited	Tel: [phone]
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]
Nicholas Bealer	Cornhill Capital Limited	Tel: [phone]

Please download the full document below.

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Posted on: July 7th, 2015