New World Oil & Gas has raised a further £3m to finance the development of its oil and gas projects.
New World raised £3m at 5p a share when it floated in May. After expenses of £457,000, New World received £2.54m. The latest placing is at 6p a share.
New World has already found a potential project in Belize. It has signed a letter of intent over two concessions in Belize, which are in the Peten Basin and called the Blue Creek project. They are part of an extension to existing producing areas in Mexico to the north. New World will earn up to 100% of the project. Up to £1.35m ($2.17m) will be spent on 2D seismic for the project and the farm-in should be complete by the first quarter of 2014.
New World has signed a non-binding letter of intent with Danica Jutland allowing the Aim company to undertake due diligence on two oil concessions in the Jutland onshore area of south western Denmark. New World can earn up to a 80% working interest in the project. An initial $2.5m will be spent on 2D seismic.
At 6.25p a share, and before the latest placing, New World is valued at £4.88m.
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