New World Oil and Gas Signs Sale Purchase Agreement in Kuwait

Source: www.gulfoilandgas.com 5/13/2014, Location: Middle East

New World Oil and Gas Plc, the AIM quoted oil and gas operating, exploration and development company with projects in Belize and Denmark, announces that further to its RNS on 8 May 2014 regarding the Binding Framework Agreement signed for oil production in Kuwait, the Company is pleased to confirm that it has signed a Sale Purchase Agreement (the 'SPA') with the shareholders of Al-Maraam Al-Ahliya Company for General Trading and Contracting LLC ('Al-Maraam'), Osma Khalid Al Masoud Al Fuhaid, Fahad Osama Khalid Al Masoud Al Fuhaid and Dr Muaaz KH M Alfahaid (the 'Sellers'). The SPA provides the mechanism for New World to become a 49% shareholder ('Target Shares') and hold a 60% economic interest in Al-Maraam with a view to fully developing Al Maram's opportunities in the oil and gas sector in Kuwait.

An initial consideration in the amount of EUR1 million shall, subject to a number of material pre-conditions including due diligence on Al-Maraam, be payable to the Sellers upon the transfer of the Target Shares to New World; provided, however, that it shall be subject to a put option whereby if Dr. Muaaz KH M Alfahaid does not complete the previously announced subscription of 20% of the equity of Niel Petroleum for an amount of US$20 million (the 'Subscription') by 30 July 2014, New World will have the option to "put" the Target Shares to Dr. Muaaz KH M Alfahaid in exchange for EUR1 million plus related expenses. A balance of the consideration for the Target Shares in the amount of EUR4 million shall be payable to the Seller upon and subject to the completion of the Subscription.

New World CEO William Kelleher said: "The signing of the SPA is an important step in the transactional process that will lead to New World acquiring 49% of the shares and 60% of the economic benefits of Al Maram. New World looks forward to setting up operations in Kuwait and applying its expertise to developing Al Maram's full potential. We will continue to keep our shareholders informed of our progress on a regular basis at this transformational time for the Company."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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