UK 21:01 Monday, 21 September 2026
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NWOGaction, the shareholder action group for New World Oil & Gas (NEW), is delighted at this morning’s staggeringly incompetent announcement from the company. Having previously announced that New World’s Production Sharing Agreement (PSA) comes to an end on 15 October, today it’s dawned on the board that the actual end date for the PSA is 31 October. Arguably this is an honest mistake, but New World has two (yes, TWO) lawyers on its board (Peter Sztyk and Stephen Polakoff, who will both be up for re-election at the AGM), yet still it took “legal advice in Belize” to uncover this basic error. Jesus wept. These men can’t even be bothered to read their own contracts.
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Comments
Alan Mills
I think the real reason is they realised they were close to the deadline, and went through the paperwork and found the opportunity to add a few more days to delay the inevitable.
In fact, who says they didn’t apply for an extension and maybe the oil minister noticed the dates?
At the end of the day the board have cash in the bank,and jobs,and you can only expect them to want to cling onto both, it’s human nature.
Of course they will delay the AGM, if they drill the money will be gone and they will either find oil, in which case they will probably retain their jobs, or not find oil and leave an empty bank account. for the action group to inherit.