Scandoil  

New World continues to work with Niel Petroleum to complete subscription


Published Jul 31, 2014
New World O&G-4

New World continues to work with Niel Petroleum SA (Niel) to complete the subscription.

Under the Binding Framework Agreement entered into by and between Niel and Dr Muaaz KH M Alfahaid (Dr Alfahaid) representing Al Maraam Al Ahliya Trading & Contracting, a date of 90 days (the "Long Stop date") was set out for payment of US$20,000,000 (the "Subscription Amount") to Niel further to the execution of the Niel subscription agreement under the Agreement.

The subscription agreement was signed and dated on 10 May 2014, and accordingly the Directors note that the Long Stop date for receipt of the Subscription Amount is 8 August 2014. Following the payment of the Subscription Amount for 20% ownership of Niel, Niel would be using this consideration to complete the subscription with New World (the Transaction).

Tags: New World O&G




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml