NEW New World Oil

TIDMNEW

RNS Number : 6245I

New World Oil & Gas

01 September 2016

1 September 2016

New World Oil and Gas plc

("New World" or the "Company")

Update on Big Sofa and AGM

Further to the announcement on 9 May 2016, regarding the possible acquisition of Big Sofa Limited ("Big Sofa"), a company operating primarily in the high growth area of video analytics, the Company is pleased to provide an update on progress to date and other matters.

Progress with the reverse takeover of Big Sofa

The Company is continuing to make good progress with the possible reverse takeover of Big Sofa and the Board remains of the view that this acquisition is an attractive proposition for New World shareholders. Big Sofa is continuing to win new mandates from a number of leading companies and is expanding internationally, particularly in the United States where a number of its important clients are based. Big Sofa is now becoming increasingly well-established within the fast growing global video insight and analytics sector. The company has also recently made a number of key appointments and is therefore now well-resourced to capitalise on its recent contract wins and convert a number of new business opportunities. Further details on the company's progress and operations can be found on the Big Sofa website at www.bigsofa.co.uk.

New World expects to provide a further update on the transaction in due course.

Further loan to Big Sofa

Given the progress that Big Sofa has made to date, the Board has decided to provide Big Sofa with a further loan of GBP100,000, in addition to the GBP500,000 already advanced as announced on 19 July 2016, and on the same terms, in order to provide additional working capital to support this rapid growth.

Oil and gas licences

As previously reported, the Company's only remaining oil and gas asset is the Blue Creek Production Sharing Agreement in Belize, which is due to expire on 31 October 2016. The Board confirms that the Company is currently seeking to dispose or relinquish this asset. The Company has also commenced the process of dissolving the subsidiaries associated with its Danish licences which were relinquished in September 2015.

As announced on 9 May 2016, trading in the Company's shares were suspended given that the possible acquisition of Big Sofa (the "Acquisition") would amount to a reverse takeover under the AIM Rules, pending the publication of the required AIM admission document or confirmation that the Acquisition is not proceeding.

Upon completion of any disposal or expiry of the Company's existing oil and gas assets prior to the Acquisition, the Company will become an AIM Rule 15 cash shell.

Annual General Meeting

A notice convening an Annual General Meeting ("AGM") of the Company will be sent to shareholders shortly and a copy of this notice will be made available on the Company's website at www.nwoilgas.com. The principal purpose of the AGM will be for shareholders to approve the Report and Accounts for the year to 31 December 2015 (which are also available on the Company's website), and approve the adoption of a new set of articles which are more appropriate for the Company going forward.

-Ends-

Enquiries:

Adam Reynolds

New World Oil and Gas plc

Tel. +44 (0) 7785 908158

or

Nicholas Lee

New World Oil and Gas plc

Tel. +44 (0) 20 7580 7576

Roland Cornish or Felicity Geidt

Beaumont Cornish Limited (Nominated Adviser)

Tel: +44 (0)20 7628 3396

Jeremy Garcia, Ben Simons or Fiona Henson

Vigo Communications (Financial Public Relations)

Tel: +44 (0)20 7830 9700

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 01, 2016 02:00 ET (06:00 GMT)

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