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Beaumont Cornish; has it failed miserably as New World’s Nomad?

The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement.

By Ben Turney | Published 2014-09-12 12:05:21 |

New World Oil & Gas; did directors dispose of 3.84% of the company’s stock without announcing it?

According to New World Oil and Gas’ (NEW) AIM Rule 26 Disclosure “5.19% of the Company's securities are not in public hands”. This is all well and good, but for one small problem. The figure should read 9.03%. Based upon previously announced director holdings, it appears at least three directors have disposed of or transferred holdings equivalent to 3.84% of the company’s equity, including (but not necessarily limited to) Bill Kelleher, Peter Sztyk and Georges Sztyk. New World has not issued any RNSs declaring disposals, so what on earth is going on?

By Ben Turney | Published 2014-09-09 11:13:33 |

Exclusive Expose; Did Bill Kelleher partially settle the $298,000 he still owed on his defaulted yacht debt with his company stock in January 2014?

On Friday, I revealed the Texas Community Bank’s legal action against New World Oil & Gas (NEW) CEO Bill Kelleher for his apparent default on a $550,000 debt. This was immediately before New World listed on AIM. Mr Kelleher had secured his unpaid loan on his private yacht, Neftegaz. In the original action the Texas Community Bank sought to take possession of Neftegaz, but by January 14^th 2014 it seems that Mr Kelleher still owed $298,846.25 of the original debt. On this date the US District Court Southern District of Texas granted an Order for Turnover Relief against Mr Kelleher. It ordered him to “turn over for levy to the Harris County Constable… within ten days… all shares of stock in New World Oil and Gas, PLC, except those that he is restricted from transferring or selling under the terms of the agreement with his employer, cash and securities in bank and safety deposit accounts totalling $298,846.25”. Funnily enough, I can’t find any reference to this court order in an RNS.

By Ben Turney | Published 2014-09-08 07:35:15 |

New World Oil and Gas; will CEO Bill Kelleher repay his controversial loan at the end of this month?

In March 2013, one month before the company announced it had plugged and abandoned the non-commercial Rio Bravo exploration well, New World Oil and Gas (NEW) conducted a highly controversial £6.3million placement at 2p. The controversy stemmed from two sources. First, there was the suspicion that this placement was heavily forward sold, which resulted in the calamitous price. Second, New World lent vehicles controlled by its three executive directors a combined sum of $1million so they could participate in the deeply discounted placement. CEO William Kelleher borrowed $333,000 from the company and the outstanding balance on this amount is due at the end of this month. After yesterday’s revelation of the Texas Community Bank’s legal action against him for nonpayment of >$550,000 in February 2011, will Mr Kelleher repay the money he controversially borrowed?

By Ben Turney | Published 2014-09-06 08:28:13 |

Exclusive Expose: Bill Kelleher’s default on $550,000 yacht debt at the time New World Oil & Gas listed.

In February 2011, just over two months before New World Oil & Gas (NEW) came to market, the Texas Community Bank brought a court action against CEO Bill Kelleher for failing to repay a $585,000 loan. This loan was a mortgage on Mr Kelleher’s private yacht, Neftegaz. With less than a month until Mr Kelleher is due to repay New World whatever he owes the company on the $333,000 he borrowed in March 2013 to participate in that month’s controversial placement, troubling questions have arisen about the state of Mr Kelleher’s finances, the extent to which he disclosed his financial difficulties and how these might have affected corporate decisions at New World. Would British private investors have been prepared to back a company, whose CEO had apparently defaulted on an outstanding $550,000 debt? More to the point what did New World’s Nomad Beaumont Cornish know about this? Surely mention of this live legal action should have been published in the original prospectus?

By Ben Turney | Published 2014-09-05 09:13:01 |

Takeover Panel demands New World Oil & Gas seek new approval for Niel deal

Just over a week ago, I wrote this open letter to the Takeover Panel about New World Oil & Gas’ (NEW) never-ending deal with Niel Petroleum and whether the original shareholder approval granted on September 12^th 2013 was still valid. It looks like it wasn’t. On Tuesday, New World issued this RNS, in which it was forced to announce “the Transaction [the Niel deal] will be subject to the waiver of the obligation on Niel Petroleum SA to make a general offer under Rule 9 of the Takeveor Code being approved by independent shareholders on a poll”. This is good news for shareholders as they now have the opportunity to scrutinise more thoroughly Kuwaiti firm Al Maraam Trading & Contracting Ltd’s (Al-Maraam) involvement in this. In particular serious, unanswered questions remain on what basis New World can claim that “Al-Maram will participate in all future bid rounds for the drilling and production of oil and gas in Kuwait”.

By Ben Turney | Published 2014-06-26 10:22:17 |

Open letter to the Takeover Panel concerning shareholder approval of New World Oil & Gas’s Niel deal

After nearly nine months of inadequately explained delays to the completion of the Niel deal by New World Oil & Gas (NEW) there are serious questions whether or not the original shareholder approval granted to New World remains valid or if the company needs to call another general meeting to ratify the proposed new deal. Apparent material changes resulting from the introduction of the mystery Kuwaiti partner, Al Maram Trading & Contracting Ltd, to the transaction have raised concerns and New World’s shareholders remain in the dark. I have now drafted a letter to the Takeover Panel to ask them to look into this matter.

By Ben Turney | Published 2014-06-17 13:50:07 |

New World Oil & Gas – an extremely simple question to answer

Yesterday, shareholders in New World Oil & Gas (NEW) were treated to yet another excuse for inactivity in Denmark (whoops, sorry, I meant “extension to the licenses”). But fear not, those extremely generous director salaries are still being paid, so it won’t be long now before CEO William Kelleher and the two Sztyks have repaid the $1million in loans they took out from the company, to pay for their participation in March 2013’s controversial placement. What a carry on! However, there is one easy, easy question this board can answer. On what basis does it claim that its proposed deal with Al-Maraam will enable New World to “participate in drilling and production in Kuwait and marketing of crude oil abroad”?

By Ben Turney | Published 2014-06-10 09:14:39 |

New World Oil & Gas: Why won’t its Nomad Roland Cornish answer his phone…an open letter

I have asked very serious questions of New World Oil & Gas (NEW). But still we get no answers. One fellow who seems remarkably unkeen to pick up his phone is Roland Cornish, Nomad to this company. You will be aware that under AIM rules a Nomad must verify all statements made by listed companies. As such I have today sent Mr Cornish the following letter.

By Ben Turney | Published 2014-05-29 13:23:09 |

New World Oil & Gas; Al-Ma..who?!!!

When New World Oil & Gas (NEW) announced its surprise potential entry into the Kuwaiti oil sector, the market reaction was ecstatic. The company’s shares nearly doubled in price, as speculators salivated at the prospect of gaining access to at least some of the 3.5MMbopd, which Kuwait plans to produce by the end of 2015. Taken at face value this sounds like an incredible deal; except there is one small problem. I cannot find any reference, whatsoever, to New World’s apparent Kuwaiti partner in any of the published lists of approved contractors, authorised to tender for work in Kuwait’s oilfields.

By Ben Turney | Published 2014-05-20 08:05:34 |

New World Oil & Gas – where is the Niel Deal?

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 30^th. 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...

By Ben Turney | Published 2014-05-02 14:04:38 |

Four questions for Beaumont Cornish, New World Oil & Gas’ Nomad

After nearly a year of little to no operational progress, New World Oil & Gas’ (NEW) shareholders would do well to ask what exactly have they been paying their directors such exorbitant amounts for. As the company’s cash reserves dwindle, the only announcements forthcoming have concerned delays, delays and more delays. Chief executive William Kelleher clearly doesn’t feel that he needs to explain just what is going on, so perhaps it is time to ask his Nomad, Beaumont Cornish, a few searching questions.

By Ben Turney | Published 2014-04-07 14:53:31 |

New World Oil & Gas burning cash to pay salaries

On Tuesday, New World Oil & Gas (NEW) announced yet another failure to close its elusive deal with the mysterious and privately held Niel Petroleum. The new deadline is April 30^th and once again I will not hold my breath. Today, I’d like to remind you about the $1million in loans New World’s executive team took out to pay for their participation in the $10million placement, just over a year ago. Yes that’s right, the company further diluted its shareholders to lend money to its executive directors, to buy shares in the business. What a wonderful use of working capital!

By Ben Turney | Published 2014-04-04 08:10:14 |

New World Oil & Gas: nice work if you can get it

If you have the misfortune to own shares in executive beneficiary scheme New World Oil & Gas (NEW), the chances are you get an extremely sore feeling each time you sit down.

By Ben Turney | Published 2014-03-04 14:41:30 |

New World Oil & Gas – Where’s the Niel deal?

One of the most frustrating aspects of researching stocks on AIM occurs when directors don’t fess up to failed goals or missed targets. This is particularly problematic when companies explicitly announce they are going to do X by date Y through an RNS. Then, as is often the case in the performance graveyard that is AIM, date Y comes and goes, but the promised X does not materialise. At this point, companies can become mysteriously quiet on the matter, almost certainly in the hope that disappointed expectations will slip quietly into the night.

By Ben Turney | Published 2013-12-17 10:37:31 |

New World Oil – Speculative buy at 0.55p

Whilst New World Oil (NEW) shares have suffered dreadful ride in 2013, losing 94% of their value from the glory days of 10p, now may be the time for a small speculative buy at 0.55p.

By Doc Holiday | Published 2013-07-23 23:35:50 |

Sell New World Oil

New World Oil & Gas (NEW) is a classic example of where a calamitous decline for the share price was flagged by the technicals.

By Zak Mir | Published 2013-05-13 00:32:35 |

Chasing New World Oil and Gas’ mud logs

Two weeks ago I wrote this piece, publicly calling for New World Oil and Gas (NEW) to release the mud logs of their recent drills in Belize.

By Ben Turney | Published 2013-05-13 00:11:08 |

Come on New World, let’s see the mud logs!

New World Oil and Gas’s (NEW) latest failed (ahem, sorry, “non-commercial”) attempt at finding oil in Belize has left many wondering at what point does a management team go from being very encouraged about a drill in progress to deciding not to test at all?

By Ben Turney | Published 2013-04-30 10:09:24 |

New World Oil & Gas – Drilling Failure - Just Truly Shocking  

The prize for the biggest POS among AIM oil explorers and producers is a hotly contested one but New World Oil & Gas (NEW) is – after today’s dreadful announcement of drilling failure – an almighty strong contender.

By | Published 2013-04-26 09:32:17 |

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Recent Comments

PHIL556621 Sep 2026

Learning a dead language or listening to religious blarney. The choices!Good luck with finding the best school.

Tom Winnifrith Bearcast: Learning Welsh or having a monthly Church lecture on the poor Palestinians and blessed asylum seekers

PHIL556621 Sep 2026

These groups in Ethiopia seem somewhat like the Provisional IRA, 36 years attacking the UK. Even after the 2005 ceasefire splinter groups have emerged.The UK just carried on. Just with higher security.These groups in Ethiopia could carry on for years, all it will do is further impoverish the country and the areas they operate in further. That is how war works in Africa perhaps everywhere. If guns were freely available in the UK, I really could see it here, luckily only the criminals the police and farmers and a few others have access to guns.I could see the far left using them against the middle of the road reform and restore but the left would only use them in the name of peace.Enough talking bollocks and back to Kefi.I thought about another 750,000 this morning, but that is the money to see me through to Christmas and I thought if I told the mrs we were just having soup till Christmas, I would be in trouble.These things often come in threes so one more lot of bad news and I might buy, plus I will have had some more dividends by then. If they fly before I have the cash I am quids in anyway.So much to think about and so much to weigh. The same i imagine for every investor.Now down £1900 on kefi in my sipp but up £800 on AMRQ. These are the only two non dividend stocks in my SIPP. Just waiting for the first dividend from AMRQ,next year maybe. KEFI perhaps three years or never.Shares, pension so exciting but no one else knows!

New, or not so new, anti Government alliance in Ethiopia – am I panicking about Kefi? No.

KEVINHAYES21 Sep 2026

Steve - nice write up, and congrats if you took this at 27p!It seems to have plateaued for the last week at a new level, 32p / £15.5m MCAP.Are you seeing much more upside in Empresaria Group #EMR from here?

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DAVID FRASER21 Sep 2026

England may be struggling a bit but this speech is pertinent to the US which is more corrupt than it ever has been thanks to the orange retard. America’s suicide will radiate out and infect everyone else in the not distant future. That is why gold is where the near future looks safest.

Today’s Ayn Rand quote, tell me it’s not true

SSCCBA21 Sep 2026

Was there any colour on the settlement case with Kosovo? Been a long time since we heard the lawyers were dealing with it.

Tom Winnifrith Bearcast: Learning Welsh or having a monthly Church lecture on the poor Palestinians and blessed asylum seekers

TOM21 Sep 2026

i think he did and put fagash in his place but fagash reckons he won hands down

Tom Winnifrith Bearcast: Learning Welsh or having a monthly Church lecture on the poor Palestinians and blessed asylum seekers

ENTERNAMEHERE21 Sep 2026

TW: did Chris Gilbert hold his own at Sharestock?

Tom Winnifrith Bearcast: Learning Welsh or having a monthly Church lecture on the poor Palestinians and blessed asylum seekers

EASYASOT321 Sep 2026

Both the size (in active soldiers) and strength/power are useful metrics. Multiple sources may help people decide on what the actual situation is.

New, or not so new, anti Government alliance in Ethiopia – am I panicking about Kefi? No.

TOM21 Sep 2026

business insider says largest No 1The first link is ranking something completely different, not size of armyTRT has numbers totally out of kilter with everyone else3rd link also ranking something differentDont you check the gibberish you post or do you just have a screw loose?

New, or not so new, anti Government alliance in Ethiopia – am I panicking about Kefi? No.

EASYASOT321 Sep 2026

Several sites ranking the strength and size of Africa's armies.Ethiopia ranked 6th: https://www.globalmilitary.net/rankings/countries/military-power/africa/Ethiopia in top 5: https://www.trtafrika.com/english/article/35d7e59fe9a6Ethiopia ranked 5th: https://www.globalfirepower.com/countries-listing-africa.phpEthiopiaranked 1st: https://africa.businessinsider.com/local/lifestyle/top-10-african-countries-with-the-largest-active-military-manpower-at-the-start-of/hjczbqx

New, or not so new, anti Government alliance in Ethiopia – am I panicking about Kefi? No.