UK 06:35 Friday, 6 November 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
A month ago, New World Oil & Gas (NEW) announced the latest delay in the completion of its so called deal with Niel Petroleum. Once again New World decided not to explain the hold up, but it did say it would extended the deadline for completion to April 30th. If you expected this to happen, then please leave your details at the bottom of this page. I have some magic beans I’d like to sell you...
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Comments
wildrides
Yeah “Wallmart “ Bill Keller ………drill something …….anything . Even if it is the gold out of your grans teeth .
Paint drying is too much excitement after NEW shares . I hope your family is living well off the money you took off share holders in the pretence of drilling for something . Instead you just keep filling your Wallmart trolley ……. week after week ……… its relentless . Have you no shame ? I tell you what Bill ……..Karma is coming for you fella ……… your gonna have to do some good stuff in your life to set this debarcle back level . You could start with an explanatory RNS .
GheeBhee
Ben,
Can I suggest that the delay is due to the Niel Group holding on to the 45m ($22,301,136) IMIC (AIM) shares recently converted so as to sell them when the Sundance (ASX) contract winner is announced? (In the expectation that IMIC shares will rise at that time for one reason or another which I could explain if readers were at all interested).
GB
Ben Turney
@wildrides… no comment
@GheeBee – interesting idea, but if this is the explanation:
1) Why have New World announced a series of completion deadlines, rather than say the sale was contingent on this deal?
2) Why has New World not explained the delays in completion as being caused by this?
Unless New World provide details of what you describe in an RNS then this is incredibly speculative guess work.
Whatever the case, this deal is still a horrible one for most existing shareholders and the only winners in it are likely to be the board.
GheeBhee
Ben,
In my opinion the answer to both your questions is the same. Commercial confidentiality regarding the timing of the IMIC share sale. Just imagine what effect a public announcement by NEW would have(would have had) on the IMIC sp and hence on the value of the Niel 27% holding. It would entirely undermine the financing of the deal.
True, this remains incredibly speculative guess work on my part but that doesn’t necessarily make it wrong!
GB
GheeBhee
Ben,
OK, I was wrong! The connection is still there for the line of credit though. The deal announced this morning has more than a touch of crony capitalism about it what with Cashbacks and all.
GB
Ben Turney
Yes GheeBhee, your guesswork wasn’t right, but there is no harm in speculating.
This Kuwaiti deal is extremely unexpected and merits further investigation, before commenting
GheeBhee
Ben,
I’ve spent the morning investigating and it’s even fishier than it looks!
GB
GB
wildrides
doowah !
cant we just have a little knee jerk reaction to be getting on with !
GheeBhee
This looks like a scam (it has all the hallmarks of an advance payment scam, that is.)
If it’s not a scam then it’s a distraction from the real game of fundraising (equity and loan or just loan money) elsewhere. In summary, I was probably wrong to say I was wrong quite so quickly!
GheeBhee
Ben,
Has your lead on this remarkable story been usurped by AN Other writer, I wonder?
GB
GheeBhee
Ben
Clearly not. So are you going to publish your analysis of this deal sometime soon?
If you do you might reflect on this. The deal agreed in September was meant to complete by the end of that month, As you know, it wasn’t. They told us that the Company will be subject to the City Code, from 30 September 2013. As no shares have yet been issued should we assume that the such a purchase now would be subject to mandatory offer provisions? Just a thought.
GB
GheeBhee
…because it doesn’t seem to have been worth mentioning in any RNS since the end of September.