TIDMNEW

RNS Number : 9996O

New World Oil & Gas

15 February 2016

For immediate release 15 February 2016

New World Oil and Gas plc ("NWOG" or the "Company")

Update

On 19 November 2015, the Company announced that all of the resolutions proposed at its general meeting were passed by shareholders, principally in connection with the strengthening of the board. Consequently, Adam Reynolds and Nicholas Lee were appointed as directors with immediate effect.

Since then, the Board has been working to reduce further the Company's cost base from historic levels, conserve its cash balance and pursue monies due to the Company. Also, the Board can report that further to the announcement of 27 October 2015, there have been no new developments with potential investors and contractors with regard to Belize, and that the Board has been actively exploring various opportunities for the Company with a specific focus on creating value for its shareholders.

Overall, the Board is pleased with the progress that has been made over the short period since the end of last year and will provide further updates to the market in due course.

* * ENDS * *

For further information please contact:

 
 Enquiries: 
 Georges Sztyk         New World Oil and Gas      Tel: + 1 646 407 9946 
                        Plc 
 
 Roland Cornish        Beaumont Cornish Limited   Tel: +44 (0) 20 7628 
                        (Nomad)                    3396 
 Felicity Geidt        Beaumont Cornish Limited   Tel: +44 (0) 20 7628 
                        (Nomad)                    3396 
 
 Lottie Brocklehurst   St Brides Partners         Tel: +44 (0) 20 7236 
                        Ltd                        1177 
 Frank Buhagiar        St Brides Partners         Tel: +44 (0) 20 7236 
                        Ltd                        1177 
 
 Nicholas Bealer       Cornhill Capital Limited   Tel: +44 (0) 20 7710 
                        (Broker)                   9612 
 Andrew Frangos        Cornhill Capital Limited   Tel: +44 (0) 20 7710 
                        (Broker)                   9611

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 15, 2016 02:00 ET (07:00 GMT)

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