New World Oil and Gas (LON: NEW), a company focussed on acquiring interests in oil and gas assets, completed an admission to the Alternative Investment Market this morning, raising £3 million before expenses in a placing priced at 5p per share. Cash from the move has been earmarked to identify and acquire exploration or development projects in the oil and gas sector with an initial focus on Central America and Eastern Canada. The company is run by chief executive William Kelleher, who was a founder and MD of AIM peer Victoria Oil & Gas (LON:VOG) , and executive director Georges Sztyk, who was also involved in starting VOG.

New World is particularly interested in acquiring interests in oil and gas companies that it thinks are underperforming, undeveloped and/or undervalued. Exploration, development and pre-production projects are currently being evaluated, which the company believes will provide value uplift through development as well as cashflow.

William Kelleher said: “The directors believe that New World offers a fantastic opportunity to participate in potentially lucrative exploration and production projects in the oil and gas sector. Having successfully raised £3 million from new investors upon our admission to trading on AIM, we believe that New World is now well placed to carry out its strategy to acquire oil and gas projects where we believe there to be a number of significant opportunities. The directors have already assessed a number of projects in Belize, with a particular focus on the extension of the productive Peten Basin, which the directors believe to be a prolific oil and gas region with extensive volumes of proven oil and gas reserves. Other projects currently undergoing evaluation include assets in South America, Eastern Canada and Europe.”

Kelleher added: “Our board has a track record of delivering value to shareholders with certain Directors having been involved in various quoted and private oil and gas companies worldwide. I believe New World is in a strong position to take advantage of the rising global energy needs through the acquisition and development of assets, which are, in the opinion of the directors, under-performing, undeveloped or undervalued, based upon stringent investment criteria, with a view to building a significant oil and gas exploration and production company. I look forward to updating shareholders on our progress in due course.”

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