6 July 2012
Watson, Farley & Williams (“WFW”), a leading international law firm,is pleased to announce that it has advised New World Oil & Gas plc (“New World” or the “Company”) on its proposed change from an investment company to an operating resource company. This has arisen as a result of its election to commence drilling on its flagship project, the Blue Creek Project in Belize, such election being classified as a reverse takeover under the AIM rules.
The reverse takeover is conditional on shareholder approval which will be sought at the Company’s Annual General Meeting to be held on 24 July 2012. If the relevant resolution is passed, the Company will readmit to AIM as an operating resource company on 25 July 2012.
New World’s 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 activities of the New World Group to date in relation to its assets have been limited to seismic operations and other desktop activities, but if the reserve takeover is approved, New World (through its subsidiaries) will commence drilling at the Blue Creek Project, with the option to earn into a 100% interest in the Blue Creek Project.
Jan Mellmann, partner and head of the WFW Natural Resources Group, led the team with assistance from solicitors Sarah Williamson and Rebecca Cressy. The Company also received Jersey law advice from Ogier. Beaumont Cornish Limited acted as nominated adviser, while Shore Capital Corporate Limited acted as corporate finance adviser.
William Kelleher, chairman and chief executive of New World comments: “Jan Mellmann, Rebecca Cressy and Sarah Williamson have done a remarkable job. They have demonstrated remarkable skill and patience through a time-consuming and complicated process. The company is entirely grateful for their effort and is delighted with their performance.”
Jan Mellmann, partner and head of Natural Resources at WFW comments: “Having assisted New World on its initial AIM admission as an investment company in May 2011 and international placings in June 2011 and March 2012, we are delighted to have advised New World on this very significant development. It is testament to the strength of the management team of New World that it has developed its asset base so quickly despite difficult market circumstances. The Company’s recent CPR updates on its projects in Belize and Denmark provided a very tight time window for issue of the readmission document and announcement of the election to drill, so we are very pleased to have assisted New World in achieving this next step in its growth into an operating resources company as planned. Completion of this transaction will also reaffirm WFW’s position as the leading advisor to oil & gas companies listed on AIM.”