Results

Big Sofa – Eridge (formerly New World) part converts, part takes repayment of loans

Published 360 days ago

I hold shares in both Eridge (the re-named and redomiciled New World Oil and Gas (NEW) which was booted off the Casino following the most extraordinary run of events) and in AIM-listed Big Sofa (BST). I was therefore wondering what was going to happen to the convertible loan which Eridge held from the days when it was going to be the vehicle into which the Big Sofa was injected before a few things came to light which eventually saw that fine firm of Beaumont Cornish resign and run for the hills as Nomad in one final two-fingered salute to (then) New World’s shareholders.

The People's Operator shares suspended to avoid New World v2

Published 523 days ago

The Stock Exchange today took the unusual step of suspending trading in shares in The People's Operator (TPOP) under rule 1510. So what is going on?

Tom Winnifrith Bearcast: Adam Reynolds & NEW Departure, LoopUp stinks & praise for the SFO & FCR

Published 606 days ago

I start with the departure of Adam Reynolds from New World Oil & Gas (NEW) explaining what - I think -went on. Then it is on to Afren (AFR)and how the SFO works in practice.I look at LoopUp (LOOP) where yesterday's statement rings less and less true and which looks more and more of a slam dunk short as a result. There is further comment on Westminster Group (WSG) and praise, with caveats, for the Ferrets, Ferrum Crescent (FCR).

BREAKING: New World Oil & Gas - Reynolds has saved the day: Redomicile to BVI underway

Published 635 days ago

Some folks appear to think that New World Oil & Gas (NEW) has been a failure for Adam Reynolds. Sure it got booted off AIM for failing to do an RTO but you still have a company and news is imminent.

Tom Winnifrith Bearcast: Paternoster Resources why cheap could be incredibly expensive

Published 793 days ago

I comment on the hopeless response of smug MPs and the established media to yesterday's terror attack on my own website in a podcast HERE. On the markets I look at expectations management at Next (NXT), at how we know or knew about the balance sheet at Toople (TOOP) covered HERE by Cynical Bear or Advanced Oncotherapy (AVO) heading for 0p and covered in detail by me earlier HERE. I look at Public Services Properties (PSPI ) and what its AIM casino departure says about RTOs and contingent liabilities - which reminds me again of New World Oil & Gas (NEW). Finally I have a detailed look at the strange world of Paternoster Resources (PRS), not a stock you have to own in any way. PS Cynical Bear is not me. Can you see any typos in his articles?

CloudTag – still suspended, but why no admission of shares this morning? Uh Oh.

Published 892 days ago

Oh dear, oh dear. Bad news for bulls of AIM-listed (pro tem) CloudTag (CTAG) this morning – and possibly for L1. Last Friday the shares were suspended with no reason being given, “pending an announcement”. An announcement duly followed (at no-one-is-watching o’clock) telling us that L1 had issued another conversion notice and that it was expected that dealings in the Shares will commence on or around 15 December 2016. The shares, however, remained suspended pending another RNS. Well, we’ve had this morning’s AIM notice but no such admission to trading has been announced.

Tom Winnifrith Bearcast - Fund managers are not superhuman but dead cats can bounce

Published 912 days ago

In today's bearcast recorded with my father as the audience, here in Shipston, I start with the Autumn Statement which gets 0/10 from  me. Then it is onto Sound Energy (SOU) and the issue of fund manager due diligence. Then Optibiotix (OPTI), FastJet (FJET), Mkango (MKA), African Potash (AFPO), Countrywide (CWD) and the global real estate asset class - yes a Manhattan penthouse and a terraced home in a grim Northern welfare safari slum are related!. Finally a few words about Paternoster Resources (PRS) and as a related issue New World Oil & Gas (NEW).

New World Oil & Gas booted off AIM but all is not lost. Oh no!

Published 927 days ago

New World Oil & Gas (NEW) has today been booted off AIM for failing to fulfill its investment policy following the collapse of the Big Sofa RTO but all is not lost...far from it.

Where Regulators fail market forces will wade in - Beaumont Cornish in focus

Published 930 days ago

Alistair Osborne lashed out at Nomad Roland "Fatty" Cornish in the Times on Saturday listing his long list of AIM failures. A central point made is that Fatty banks huge fees for doing an IPO only to quit before the shit hits the fan or before the fat lady sings. In other words he earns megabucks and then scuttles off to hide in his favourite restaurant whilst others suffer the financial damage. Osborne starts his article on New World Oil & Gas (NEW).

New World Oil and Gas: Nomad walks, execution scheduled for 10 Nov

Published 943 days ago

In a corporate update released at 4.03pm this afternoon, AIM-listed (pro tem) New World Oil and Gas has announced the bad news that its Nomad, the disgraced Roland “Fatty” Cornish at Beaumont Cornish is to walk as at the close of play today. It also announced that its scheduled AIM execution under AIM Rule 41 is on 10 Nov, not 9 Nov as previously advised. One last hurrah for checking and verifying RNS announcements for the now ex-Nomad to the company. How fitting.

Roland Fatty Cornish Caption Contest in wake of New World Scandal

Published 948 days ago

I trust that you have written to the wretched bogus Sheriff of AIM, the head of the Oxymorons at AIM Regulation, Mr Marcus Stuttard demanding that Roland Fatty Cornish be struck off as a Nomad after the New World bank heist scandal? If not write now! In light of that please submit suitable captions for the picture below in the comments section. The deadline is midnight on Thursday

New World Oil and Gas – AGM update, warns on delisting. Can the mess be sorted?

Published 949 days ago

Last night after hours AIM-listed New World Oil and Gas updated the market on a number of matters and it looks to be bad news all round. Having already announced that its proposed RTO with Big Sofa was off the table, the latest bombshell was that under AIM Rules it is to lose its listing on 9 November and that it had already agreed to part company with its Nomad (the useless Beaumont Cornish) as from the close next Monday. The mess could hardly seem worse.

New World Oil and Gas – will the Oxymorons apply the same interpretation of AIM Rule 41 as they did with LED Holdings?

Published 951 days ago

Tom Winnifrith has already commented on the appalling mess at AIM-listed New World Oil and Gas. I shall not repeat any of that, but there is one angle to this which is worth mentioning, and it regards the looming deadline as regards the suspension of the company’s shares from trading. Under AIM Rule 41 you get six months and then you are booted off the Casino. Except when you don’t…..

Exclusive: New World Oil & Gas - RTO off because of the Kazakh bank heist & Niel Petroleum money laundering

Published 951 days ago

This needs to be the day when London's worst Nomad Roland "Fatty" Cornish is drummed out of the City of London for good. This will shock you. New World Oil & Gas (NEW) has abandoned the RTO with Big Sofa but has not said specifically why. So let me assist.

Shareholder activism – is a new broom set to sweep out AIM’s overpaid duffers?

Published 1035 days ago

One swallow does not a summer make, according to Aristotle. I guess he would baulk at two as well but it does seem that a few swallows are getting the idea. I refer, of course, to the growing number of AIM companies facing shareholder activism. It is a good thing.

Well done Flip Flop Ben Turney - New World's shite directors ousted

Published 1048 days ago

I am happy to congratulate flip flop Ben Turney. Of course he remains a clown capable of bollocksing up much in life but yesterday he claimed notable scalps as three disgraced, discredited and utterly shite directors of New World Oil & Gas (NEW) walked the plank with immediate effect and that is down to Flip Flop.

Flip Flop Ben Turney submits EGM request for New World - wants cull of useless old guard directors

Published 1069 days ago

There are five directors at New World Oil & Gas (NEW), two new regime (Adam Reynolds and Nick Lee) and three of the utterly loathed and discredited old guard who spunked £33 million of other folks cash on deals that were either fraudulent (the fake Sheikh) or just crap. How Messrs Einchcomb, Polakoff and Sztyk have the brass neck to hang around like a lingering mega fart defies belief. But not for much longer.

Video Adam Reynolds with Tom Winnifrith at UK Investor Show

Published 1110 days ago

In this session Adam Reynolds and I discussed how to value shells and when to invest, issues of management, AIM investment companies and of course Optibiotix (OPTI), New World Oil & Gas (NEW), Frontier (FRI), and Premaitha (NIPT). Enjoy.

Zak Mir's Bulletin Board Heroes: Finnaust Mining, New World Oil & Gas, SolGold, Sirius Minerals, Xtract Resources

Published 1244 days ago

Featuring shares in Finnaust Mining (FAM), New World Oil & Gas (NEW), SolGold (SOLG), Sirius Minerals (SXX) and Xtract Resources (XTR) with share price targets for all five stocks.

Doc Holiday's share tip of the year Number 1 - buy New World Oil & Gas

Published 1246 days ago

After an annus horribilis for New World Oil (NEW) in 2015 which (to put it midly) has been engulfed by shady business, things now appear to be looking up for shareholders as Adam Reynolds '' front man supremo '' and corporate sanitiser Nick Lee join the board to help clean up and vend in a more attractive proposition.

Zak Mir's Bulletin Board Heroes: Beowulf Mining, Fast Forward Innovations, Independent Oil & Gas, New World Oil & Gas, Proxama

Published 1251 days ago

Featuring  shares in Beowulf Mining (BEM), Fast Forward Innovations (FFWD), Independent Oil & Gas (IOG), New World Oil & Gas (NEW) and Proxama (PROX) with share price targets set for all five stocks.

Video: Adam Reynolds How To Invest in Shells presentation at Gold & Bears November 2015

Published 1259 days ago

And now it is the shellmeister Adam Reynolds, he of Optibiotix (OPTI), New World Oil & Gas (NEW) and Premaitha (NIPT) fame presenting at Gold & Bears. A full interview by the Sith Lord with Adam is out today and can be read HERE. Enjoy the video.

Tom Winnifrith Bearcast 19 November - Leed Resources, Solo Oil and other crap on AIM

Published 1283 days ago

In this podcast I once again tantalise Lord David Bick - PR bully boy to Del Boy Lenigas - a new discussion is at the end. I start with Rare Earth Minerals (REM) - following up from here - then move onto Leed Resources (LDP), New World (NEW), Poundland (PLND), Optibiotix (OPTI), Bovis Homes (BVS), Johsnton Press (JPR) and fianlly to Solo Oil (SOLO), a company associated with Jabba the Hutt.

New World Oil & Gas; overwhelming victory for shareholders

Published 1284 days ago

So there we have it. Adam Reynolds and Nick Lee have received an overwhelming mandate to transform New World Oil & Gas (NEW). Both men got elected to the board with over 99% of votes cast. This represents a great victory for shareholders and goes to show that positive, organised shareholder activism on AIM can work.

Tom Winnifrith Bearcast 18 November - Globo shoot the Neds, Chris Oil Disaster looming and New World

Published 1284 days ago

I am asked to be nice to Globo (GBO) non exec Gavin Burnell. I am afraid that I cannot be because with reward ( and Gavin had made more than £100,000 a year as a Globo NED if one includes share sales) comes risk. For AIM to work he needs now to face risk as I explain. Then it is onto New World Oil & Gas (NEW) and why some folks are setting themselves up to lose money (again). Finally more bad news for market abuser Chris Oil regarding his latest car crash of an IPO, Mkango Resources

Zak Mir Bulletin Board Heroes: African Potash, New World Oil & Gas, Premaitha, Vast Resources, Westminster Group

Published 1285 days ago

Featuring shares in African Potash (AFPO), New World Oil & Gas (NEW), Premaitha (NIPT), Vast Resources (VAST), Westminster Group (WSG), together with some share price targets.

What next for New World Oil & Gas?

Published 1287 days ago

Tomorrow I am off to Jersey for New World Oil & Gas’ (NEW) Annual General Meeting. If all goes to plan, Adam Reynolds and Nick Lee will be elected to the board, while Peter Sztyk will be deservedly kicked off. Although this should prove to be the watershed moment in New World’s transformation, it will not necessarily trigger an immediate rally in the share price. The hard work begins, once the result is known. However, if Reynolds and Lee remain true to form then 2016 could be incredibly exciting year for this company.

Zak Mir's Bulletin Board Heroes: Argos Resources, Castle Street Investments, Coms, LGO Energy, New World Oil & Gas, Stratex International

Published 1294 days ago

Featuring shares in Argos Resources (ARG), Castle Street Investments (CSI), Coms (COMS), LGO Energy (LGO), New World Oil & Gas (NEW), Stratex International (STI), together with some share price targets

Vote at New World Oil & Gas’ AGM. Get behind Adam Reynolds and Nick Lee

Published 1298 days ago

The vote at New World Oil & Gas’ (NEW) forthcoming AGM on 17 November is not yet won. Shareholders still need to unite behind Adam Reynolds and Nick Lee to give them as strong a mandate for change as possible. A cleansed New World could present a fantastic prospect, but the market remains sceptical. The toxic legacy of the current board will take time and effort to clean up, but for once on AIM private investors have a genuine opportunity to make a decisive difference in the company they own.

Was David Lenigas the source of the false rumours of a stock shortage in Leni Gas Cuba?

Published 1299 days ago

An explosive email has emerged, sent by David Lenigas on Friday to various brokers ahead of the disastrous Leni Gas Cuba (CUBA) IPO. Over the weekend false rumours spread across social media that there was a serious stock shortage ahead of the company’s calamitous market debut. The word was that conditions were primed for another potential New World Oil & Gas-style (NEW) short squeeze. If there were any doubt that this was all nonsense, yesterday’s crushing collapse in Leni Gas Cuba’s share price obliterated this. The rumours were completely untrue and it now seems that Lenigas himself forwarded the email below to a number of online stock rampers. Unsurprisingly this email is now doing the rounds.

UPDATED: False rumours of a stock shortage in Lenigas Cuba

Published 1301 days ago

Over the weekend there was a concerted effort across social media to con private investors into believing that there was a stock shortage for this morning’s Lenigas Cuba (CUBA) IPO. This morning I’ve triple confirmed from various City sources that these rumours are false. There is no shortage in Lenigas Cuba stock for sale, as evidenced by the company’s disastrous market debut. If you want to fight the tidal wave of sellers you can fill your boots with Lenigas Cuba stock. The stock flippers are having a very bad day in the market, despite their best efforts to manipulate it.

The Best £5 you will spend this week…..new Hot share tip out 1.45PM TODAY

Published 1304 days ago

Some folks never make mistakes with shares. They are the heroes of the Bulletin Boards.  You read their boasts all the time. So that is why they are still living in Council Houses trading parcels of £500 worth of shares. Yes they are making it all up. In the real world everyone gets it wrong some time. The hard thing is admitting it and acting on it fast.

UPDATED: Sefton Resources: Where is the AGM paperwork?

Published 1305 days ago

On 23 October Sefton Resources (SER) announced its AGM to be held on 13 November. As a shareholder I should have received the circular for this by now, but I haven’t. Others seem to be in the same boat. I spoke with my broker TD Direct Investing today and it isn’t aware of the AGM. There is nothing in TD’s system signalling a corporate action. Even more confusingly it appears that Sefton has taken the proxy forms down from its website, which it previously had published. So what is going on?

Zak Mir's Bulletin Board Heroes - Goldplat, JKX Oil & Gas, New World Oil & Gas, Physiomics, Shanta Gold, Totally

Published 1306 days ago

Featuring shares in Goldplat (GDP), JKX Oil & Gas (JKX), New World Oil & Gas (NEW), Physiomics (PYC), Shanta Gold (SHG), Totally (TLY) with share price targets for all these minnows.

New World Oil & Gas; shareholders on the cusp of a major victory!

Published 1306 days ago

New World Oil & Gas (NEW) has finally announced the date of the AGM. This marks the culmination of months of hard work behind the scenes, ensuring an orderly transition for the company from being one of AIM’s most despised stocks to one with an extremely bright future. As expected, Adam Reynolds is on the ticket for election to the board, but in a surprise twist he is joined by Nick Lee of Paternoster Resources (PRS). Lee will have the full support of NWOGaction, so his appointment is almost a foregone conclusion. Fred Hodder is retiring and Peter Sztyk now deservedly faces the wrath of his shareholders. This is all fantastic news.

Roland “fatty” Cornish Caption Contest – joint winner announced

Published 1309 days ago

On Tuesday we brought you an image captured the previous day at 4 PM as London’s worst Nomad Roland “fatty” Cornish enjoyed a leisurely luncheon. Well done all for your entries which were in part funny and in part obscene and in many cases both. You can find all entries HERE. But the joint winners are:

Tom Winnifrith Bearcast 23 October: Daniel Stewart, Globo, Suspensions happening & hangings I call for

Published 1310 days ago

A wide ranging little podcast with none of the bad language ( well less) in my earlier bearcast on CEB Resources (CEB) and its scumbag CEO Dave Whitby (HERE). In this edition I cover Globo (GBO), Daniel Stewart (DAN) – with breaking news  - Northbridge Industrial (NBI), Auhua (ACE), New World Oil & Gas (NEW), ADVFN (AFN), Sefton Resources (SER) Holders Technology (HDT) and Northern Petroleum (NOP) 

ShareProphets RNS Translation Service – New World Extends Belize license

Published 1311 days ago

Despite knowing that its execution is booked as soon as soon as it gets around to calling the now overdue AGM, the Board of AIM-listed New World Oil and Gas (NEW) has announced the triumphant extension to its exploration license in Belize. To help you understand what is really going on, here is the ShareProphets RNS Translation Service on today’s announcement (original in bold)

Tuesday Caption Contest - Useless Nomad Roland "Fatty" Cornish Edition

Published 1313 days ago

By now it is clear after the numerous scandals at New World Oil & Gas (NEW), Gate Ventures (GATE) and so many others that we’ve forgotten, that Roland “fatty” Cornish is officially London’s worst Nomad. His latest triumph is to allow shares in Golden Saint Resources (GSR) to continue to trade even though the company is insolvent and its Richard "Gollum" Gill crowd funded debt death spiral has only raised MINUS £1938.50.  To celebrate this walking disaster story we have another caption contest. Don’t hold back…there is a prize.

New World Oil & Gas – What’s the Ukrainian for “piss off”?

Published 1319 days ago

On 21 September I received an incredibly snotty letter from New World Oil & Gas (NEW). The letter was marked strictly private and confidential, so I won’t publish it. However, now that New World has decided to smear NWOGaction in our latest TR1, I will publish my response to Peter Sztyk. What’s the Ukrainian for “piss off”?

Zak Mir's Bulletin Board Heroes: 88 Energy, Arian Silver, Independent Oil & Gas, Mosman Oil & Gas, New World Oil & Gas, Sacoil

Published 1319 days ago

Featuring shares in  88 Energy (88E), Arian Silver (AGQ), Independent Oil & Gas (IOG), Mosman Oil & Gas (MSMN), New World Oil & Gas (NEW), Sacoil (SAC), together with some share price targets.

New World Oil & Gas – staggering (and perfectly timed!) incompetence

Published 1328 days ago

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.

Zak Mir's Bulletin Board Heroes: Afriag, Castle Street Investments, Findel, Gulf Keystone, Intelligent Energy, New World Oil & Gas, Orsu Metals

Published 1330 days ago

Featuring shares in Afriag (AFRI), Castle Street Investments (CSI), Findel (FDL), Gulf Keystone (GSK), Intelligent Energy (IEH), New World Oil & Gas (NEW), Orsu Metals (OSU) with share price targets for all seven stocks.

The Best £5 you will spend this week…..how we screwed up on our last share tip

Published 1338 days ago

Some folks never make mistakes with shares. They are the heroes of the Bulletin Boards.  You read their boasts all the time. So that is why they are still living in Council Houses trading parcels of £500 worth of shares. Yes they are making it all up. In the real world everyone gets it wrong some time. The hard thing is admitting it and acting on it fast.

Zak Mir's Bulletin Board Heroes - Anglo Asian, Arian Silver, Copper Development, New World Oil, Orsu Metals, Paragon Entertainment

Published 1341 days ago

Featuring shares of Anglo Asian (AAZ), Arian Silver (AGQ), Copper Development (CDC), New World Oil (NEW), Orsu Metals (OSU), Paragon Entertainment (PEL), together with some share price targets.

New World Oil & Gas: analysis of Paternoster’s 8% purchase

Published 1342 days ago

This morning, Paternoster Resources (PRS) announced it has bought an 8% stake in New World Oil & Gas (NEW). In yet another unexpected twist in the unfolding New World story, Paternoster’s motives are unclear. With New World’s AGM looming, shareholders in the company will be faced with a clear choice. Support the existing failed management and plan, or vote in Adam Reynolds and his team. Given this situation, there will be speculation why Paternoster has chosen to buy into New World at this particular point. However, judging by the manner and method of its announcement today, there could be some interesting clues that might help answer at least some of the questions.

Tom Winnifrith Bearcast 18 September - carry on Up The Sefton Resources

Published 1346 days ago

In today's podcast I celebate Fiji - come on guys, the Celtic World expects. Then onto how Goldman Sachs got the FOMC to carry on blowing bubbles and the to the farce carry on up the Sefton (SER) - Raylene Whitford has quit. Then to New World Oil & Gas (NEW), Ferrexpro (FXPO), Arian Silver (AGQ), Monitise (MONI), Metals Exploration (MTL) and LGO Energy (LGO - The Sheriff of AIM vindicated once again

New World’s Peter Sztyk’s AIM Rules Up his Nomad’s fat arse – will his law breaking be allowed?

Published 1346 days ago

Ben Turney has just revealed HERE how the discredited Peter Sztyk, the CEO of New World Oil & Gas (NEW) told today’s investor call that the company would spunk two thirds of its £3 million net cash on a new well (to follow its previous duster) in Belize within weeks. This is price sensitive information. This should have been issued via an RNS.

New World Oil & Gas: useless tossers continue to piss shareholder funds away - Chris Oil is their ONLY friend

Published 1348 days ago

What the bloody hell do those useless tossers at New World Oil & Gas (NEW) think they are playing at? Last night the feckless twats confirmed they are going to waste shareholders’ money in a pointless conference call on Thursday. The bare minimum this will cost is £5,000 and is a total waste of everyone’s time and of shareholders money. These directors know they are done for, so why don’t they just have the common decency to take glasses of whiskey and a revolver into the corporate study and do the decent thing?

Zak Mir's Bulletin Board Heroes - BMR Mining, Castleton Technology, New World Oil & Gas, Quindell, Teathers Financial, Water Intelligence

Published 1349 days ago

Featuring shares of BMR Mining (BMR), Castleton Technology (CTP), New World Oil & Gas (NEW), Quindell (QPP), Teathers Financial (TEA), Water Intelligence (WATR), together with some share price targets.

New World Oil & Gas – enter Adam Reynolds, salvation awaits

Published 1351 days ago

New World Oil & Gas (NEW) has yet to comment but the New World Oil & Gas action Group (NWOG) announced that it had proposed that company rescuer Adam Reynolds and 2 pals join the board at the AGM later this month while 2 existing directors step down.

My Top 10 stocks to buy on AIM (to dodge IHT) – Tom Winnifrith

Published 1351 days ago

It is all very well to ridicule the Daily Telegraph’s top ten AIM shares to buy to dodge IHT as I did yesterday HERE but could you do any better asks a reader. Possibly not, I don’t really like the AIM Casino but I am always up for a challenge so here goes.

New World Oil & Gas; White Knight Adam Reynolds to the rescue!

Published 1353 days ago

This morning NWOGaction, the shareholder action group for New World Oil & Gas (NEW), announced its support for Adam Reynolds and his team’s bid for election to the board, at the forthcoming AGM. This is an exciting turn of events for New World’s long-suffering shareholders. It promises to set this stricken company on a much more positive path, led by the value creating force behind the recent flyaway successes of Optibiotix (OPTI) and Premaitha Health (NIPT). Reynolds and his experienced team of turnaround specialists have identified a project and new executive management for New World, in the booming Med Tech space. Now all shareholders have to do is vote in favour of this radical change in direction.

New World Oil & Gas – board fulfils first commitment to shareholders

Published 1363 days ago

This morning, New World Oil & Gas’ (NEW) board of directors was true to its word and published the company’s unaudited interim figures nearly a month early. The numbers are encouraging. The company had £2.9million cash on Friday, the executive directors have been offsetting all fees since March against their outstanding loans and the board continues not to draw salary or accrue benefits. The company is not yet out of the woods, but today represents a tangible step forward. Next up is the AGM…

Change is coming at New World Oil & Gas

Published 1364 days ago

Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.

Zak Mir's Bulletin Board Heroes - Caza Oil & Gas, Iofina, New World Oil & Gas, Petroceltic

Published 1366 days ago

Featuring shares in Caza Oil & Gas (CAZA), Iofina (IOF), New World Oil & Gas (NEW), Petroceltic (PCI)

Think you own your shares? It turns out you might not.

Published 1372 days ago

The New World Oil & Gas (NEW) forward selling fiasco exposed one of AIM’s most significant structural faults; do you really own the shares you’ve purchased? The secretive role of market makers in the function of AIM is not widely understood or appreciated. Few private investors realise just how much power and control this furtive group wields over physical stock and, therefore, share prices. During the New World controversy the London Stock Exchange proved itself ineffectual in enforcing its own rulebook, which is meant to oversee the actions of market makers and protect the legal rights of shareholders. Below I share some correspondence I had with major retail broker Share Centre, six weeks ago. This helps demonstrate how certain City firms directly interfered with the legal rights of New World’s shareholders, while the London Stock Exchange stood idly by. 

Has Britain’s Better than Buffett, Chris Oil lost £0.5 million since July 13?

Published 1375 days ago

Market abuser Chris Oil modestly claimed that he was better than Warren Buffett when it came to stock selection. But it seems that the Sage of B&B had a rather bad month or two. In fact his losses on just three stocks since early July appear to be almost £0.5 million. Given that Oil reckons that his family discovered the North Sea, this may well be small change to the Sage of Fantasy, but we suspect however that it is not.

Tom Winnifrith Bearcast 19 August - who from Quindell goes to prison after SFO News

Published 1376 days ago

I am meant to be offline in Greece but I log on and discover the flip flop Turney is writing bullish nonsense on Quindell (QPP). The lad should really stick to writing three articles a day about New World Oil & Gas (NEW). After yesterday's news from the FCA/SFO I discuss who goes to prison with the fraudster Rob Terry and where this leaves the shares. Those who dismiss YLF tend - like flip flop - not to have spoken to them and - as a result - not to understand what is going on.

Zak Mir's Bulletin Board Heroes - Beowulf Mining, CEB Resources, Daniel Stewart, New World Oil & Gas, Powerhouse Energy, Regency Mines, Tern

Published 1377 days ago

Featuring the shares Beowulf Mining (BEM), CEB Resources (CEB), Daniel Stewart (DAN), New World Oil & Gas (NEW), Powerhouse Energy (PHE), Regency Mines (RGM), Tern (TERN), with some share price targets to boot.

Zak Mir's Great Request Show - Chris Oil Special: MX Oil, New World Oil & Gas, Oilex, Sefton Resources

Published 1390 days ago

If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at MX Oil (MXO), New World Oil & Gas (NEW), Oilex (OEX), Sefton Resources (SER), the "dream portfolio" of the man who claims to be better than Warren Buffett, Mr Chris Oil 

Zak Mir's Great Request Show: Eco Animal Health Group, New World Oil & Gas, Sefton Resources

Published 1399 days ago

If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at Eco Animal Health Group (EAH), New World Oil & Gas (NEW), Sefton Resources (SER)

Exclusive: New World Oil & Gas shareholder action group to relaunch tomorrow, with an indicated 4.11% of the company.

Published 1402 days ago

Last night, NWOGaction set the date for relaunching itself as the formal New World Oil & Gas (NEW) shareholder action group; tomorrow. Early indications are that the new action group will receive confirmed support from 4.11% of New World’s shareholders. This number is expected to grow in the coming weeks. The full statement can be read below.

New World Oil & Gas; administrative error sees Alliance Trust Savings take a 13.25% stake

Published 1403 days ago

The New World Oil & Gas (NEW) forward selling fiasco took yet another bizarre twist this morning, as the company announced that Alliance Trust Savings had taken a 13.25% stake. There was widespread speculation that this announcement was a cunning ploy from market abuser Chris Oil, as this involves his broker, but I didn’t believe that for one second. Chris Oil has proven beyond all doubt that he doesn’t have the gumption for cunning ploys, so this transaction looked like something different. The question was what?

Exclusive: letter sent from Cornhill Capital to clients re. losses suffered from New World forward selling fiasco

Published 1405 days ago

The New World Oil and Gas (NEW) saga is something that I’ve avoided making too much comment on, but now find myself in possession of information pertinent to it. Below I provide a copy of a letter that has been sent to me, which was sent from Cornhill Capital to its clients about the losses they suffered as a result of forward selling New World's unconfirmed placement. 

Exclusive: New World Oil & Gas shareholder action rises like a glorious phoenix from the ashes

Published 1405 days ago

It’s not fashionable to say this, but there are times when it is impossible not to feel intense pride at being British. I experienced one such occasion last Thursday night. It is deeply woven into our national spirit never to give up; a characteristic which New World Oil & Gas’ (NEW) ordinary shareholders are increasingly demonstrating in spades. While the naysayers and market abusers crowed that the desire for shareholder action would be broken by the heavily dilutive, mispriced open offer, New World’s shareholders rallied to the call for positive change in their company. As of writing, as much as 4.8% of the company has indicated its intention to join the reformed NWOGaction (www.nwogaction.co.uk).

New World Oil & Gas: Last Line Of Support At 0.06p

Published 1409 days ago

Even at the best of times it is not exactly easy to get a handle on the technicals of stocks priced at fractions of pennies, given the way that even those stocks priced above the 1p mark can be problematic to say the least. 

New World Oil & Gas returns to trading tomorrow. Have the shysters got away with it?

Published 1409 days ago

We’ve just heard that New World Oil & Gas (NEW) returns to trading tomorrow.  Denzil Jenkins, the Head of UK Compliance and Regulatory Policy for the London Stock Exchange, is now going to have to prove that his job isn’t just a pointless paper pushing exercise. Having failed utterly to enforce its three rulebooks (“Rules of the London Stock Exchange”, “AIM Rules for Nominated Advisers” and “AIM Rules for Companies”), the embarrassment the New World forward selling fiasco has caused to the London Stock Exchange is acute. There are now serious questions about the integrity of the exchange and the viability of the AIM model of self-regulation. Private investors have lost millions of pounds to the regulated City perpetrators of this mess. And so far nothing has been done.

New World Oil & Gas – unsettled positions being settled, what next from the authorities?

Published 1411 days ago

This morning, Metal Tiger (MTR) announced that its outstanding unsettled position in New World Oil & Gas (NEW) has been settled. Two months late, the failure of regulated market participants to fulfil their contractual terms has materially and detrimentally impacted the fortunes of hundreds, if not several thousand, private shareholders up and down the country. The shareholder action group could not reach the 10% threshold to requisition a general meeting directly because of this. While the London Stock Exchange failed miserably to enforce its own rulebooks, the FCA stood idly by and did nothing. This whole episode is dreadful for the reputation of AIM and calls into question how trustworthy or viable is this market?

New World Oil and Gas – Placing and Open Offer result. Will it work?

Published 1416 days ago

New World Oil and Gas (NEW) has been explicit with its warnings that the plan to conduct a Placing and Open Offer is not guaranteed to solve the settlement crisis, which saw the London Stock Exchange belatedly step in and suspend trading. Tuesday night’s RNS (after hours, natch) with the results of the offer continued to warn that it may still not result in the lifting of the suspension. Let us have a look at the numbers.

Last chance for the London Stock Exchange to save the credibility of AIM ref. New World Oil & Gas

Published 1418 days ago

The New World Oil & Gas (NEW) forward selling fiasco has been a disaster for the credibility of AIM. So far, every single safeguard that is meant to be in place to protect private investors has failed. Predatory regulated City firms are on the cusp of making millions of pounds of profit from the chaos they have caused, while hundreds of private investors stand to suffer unacceptable and unjust losses. Had the authorities been doing their jobs properly in the first place none of this would have happened, but such is the paucity of regulatory oversight on AIM that the conditions have been primed for this shambolic situation for a long time. Nevertheless, the London Stock Exchange has one last chance to prove itself deserving of its licence for self-regulation of “the world’s most successful growth market”.

Confessions of a forward seller; how AIM corrupts ordinary private investors - ref New World

Published 1422 days ago

At the start of the New World Oil & Gas (NEW) forward selling fiasco Liam was cited as being one of the “innocent” forward sellers, who “accidentally” got himself embroiled in this mess. In fact, Liam was the primary example used to paint a human face on perhaps one of the most reckless market acts ever witnessed on AIM. Unfortunately for those who chose Liam as the forward sellers’ poster-boy, he has not behaved well. Posting under the username “Awkward Turtle” across social media, Liam is quite removed from being an “ordinary” private investor. Mr Turtle, as it is perhaps more appropriate to call Liam, is a small, yet revealing, part of something far more sinister and well coordinated.

Are you a customer of Barclays Stockbrokers? Has it disposed of your shares too without your permission?

Published 1425 days ago

Evidence started to emerge four weeks ago of a major problem with the nominee service used by clients of Barclays Stockbrokers, Barclayshare Nominees. There is now a strong suggestion that Barclayshare Nominees and Barclays Stockbrokers have disposed of clients’ physical stock without their permission. This is a shocking turn of events in the New World Oil & Gas (NEW) forward selling fiasco and points to an even graver flaw in the mechanics of the London Stock Exchange’s Alternative Investment Market. Something like this should just not be possible, but the numbers appear telling.

New World Oil & Gas; the open offer that causes the London Stock Exchange an almighty dilemma

Published 1426 days ago

In one week New World Oil & Gas’ (NEW) highly controversial placing and open offer closes. The company expects to announce the result the following day. It then hopes that the London Stock Exchange will admit the new shares to trading on 10 July. This will present an acid test for AIM’s integrity and credibility. Few seem to appreciate the dilemma now facing the London Stock Exchange.

New World Oil & Gas; could it pay a shameful £1.15million in fees to Cornhill Capital?

Published 1434 days ago

I took a temporary vow of silence last week concerning New World Oil & Gas (NEW). We should learn soon enough whether my faith in the regulatory authorities was misplaced, but there is one issue I am compelled to speak out on; the sickening and unconscionable fees New World has agreed to pay Cornhill Capital in relation to the highly controversial open offer.

ShareProphets Translation Service; Daniel Levi Associates’ last attempt at an EGM

Published 1436 days ago

Just in case anyone is bonkers enough to believe that Daniel Levi Associates is genuinely able to fill in the paperwork properly to call an EGM at Sefton Resources (SER), we now present a helpful translation of this self-styled corporate raider’s highly entertaining last attempt at requisitioning a meeting. (Spoiler alert -- It didn’t go too well). 

Sefton Resources; toxic danger signals all over it again

Published 1437 days ago

Just before the close, Sefton Resources (SER) announced that Daniel Levi and market abuser Chris Oil had bought back into the company. This has provoked a furious reaction and it will be very interesting to see how the market responds today. After the first time Mr Levi “saved” Sefton, the company’s share price went up nearly seven times, to an eye-watering 0.39p. Oblivious to the fact that Mr Levi failed to deliver his operational promises and sold a massive chunk of his stock near the unsustainable and over-promoted top, Seftonologists still saw good value in this cash shell with little cash, no assets and an £11.3million market cap. Will this bunch fall for the shenanigans again or will it finally learn its lesson and pay heed to the obvious toxic danger signals now slapped all over this stock?

New World – A case study in catastrophic shareholder value destruction on AIM

Published 1439 days ago

In my last piece on the latest twists in the ongoing shambles I looked at the apparent mis-match between what New World Oil and Gas (NEW) was saying, and the Market Notice issued by the London Stock Exchange. Ben Turney has since published this incredible article – I hope that he made sure that the board of New World had been offered a chat with the Priest and blindfolds all round before releasing the trap door. And if that was not enough, there are today’s revelations that placees of the failed placing were not informed of the required shareholders approvals. Meanwhile, a look at shareholder value.

Exclusive: New World Oil and Gas – the smoking gun

Published 1439 days ago

Deputy Sheriff Towers is in receipt of an astonishing document - a Placing Letter sent out by Cornhill Capital pursuant to the abortive fund-raising announced by New World Oil and Gas (NEW) at the end of April. The placing was, of course, conditional on the passing of resolutions at an EGM, which shareholders blocked. But here is the thing: I see absolutely no reference to that requirement in the Placing Letter- indeed, the acceptance form describes the transaction to buy stock ‘Placed Firm’. Who will be first up to the gallows?

Has New World Oil & Gas made a catastrophic error in its open offer?

Published 1439 days ago

By Friday afternoon it looked like New World Oil & Gas’ (NEW) board and its hapless regulated advisors had made yet another catastrophic error. Even by this group’s sheer rank incompetence over the last seven weeks, the latest blunder could be the worst. Not content to forward sell an unconfirmed placement, trample over shareholders’ lawful rights, ignore market rules, waste the company’s dwindling cash on an unjustifiable battle to save its advisors to the detriment of shareholders and try to force through an abysmally mispriced open offer, New World and its grossly inept advisors appear now to have broken the law.

New World Oil & Gas – an Omnishambles with bells on. Alarm bells.

Published 1441 days ago

Back at the start of May I asked who was regulating the omnishambles that is New World Oil and Gas (NEW) on the back of what appeared to me to be quite obviously a disorderly market. It looked as though there had been rampant forward selling of a conditional Placing which was, in the event, scuppered by shareholders. I was not the only one making noises about a disorderly market – see HERE and HERE from my more esteemed colleagues, yet the LSE allowed trading to continue for another couple of weeks before the stock was suspended due to a deteriorating settlement situation - ie a disorderly market. Now we have a monster of an open offer, backed by a placing which effectively underwrites the offer. Will it cure the settlement problem? And what other issues are thrown up by the new proposals?

Could the New World & Gas naked shorters really make £5million from the havoc they caused?

Published 1442 days ago

If New World Oil & Gas’ (NEW) board of directors gets its way and saves the skin of the naked shorters, then this group could stand to make at least £5million from this fiasco. As disgusting as this figure it, what is most troubling about it is that the group of naked shorters must include a number of regulated firms, who have acted incredibly recklessly and irresponsibly. Will the London Stock Exchange and Financial Conduct Authority stand by and allow this to happen?

Why is New World’s board so determined to save the naked shorts?

Published 1442 days ago

Thursday’s announcement from New World Oil & Gas (NEW) made one thing crystal clear. New World’s board is determined to do whatever it can to let the naked shorts off the hook.

RNS Translation Service on behalf of New World Oil & Gas' 0.09p open offer

Published 1445 days ago

So New World Oil & Gas’ (NEW) board has announced its long-heralded 0.09p open offer. Nigel is off today, so it falls on my to run today’s RNS Translation Service. There is so much to say about New World’s deeply flawed plan, but for now let’s just take a look at the not so hidden meaning of board’s conclusions.

Exclusive: Cornhill Capital’s damning placement agreement - ref New World Oil & Gas

Published 1446 days ago

I’ve been passed a copy of Cornhill Capital’s standard placement agreement template. Normally this wouldn’t be remotely interesting, but in light of the broker’s role in the New World Oil & Gas (NEW) fiasco it makes for fascinating reading. In particular, the document I now have appears to blow out of the water any notion that Cornhill could have “accidentally” enabled the forward selling of New World’s conditional placement. This now leaves one question. Has Cornhill Capital totally lost control?

ShareProphets Translation Service – New World’s extraordinary after-hours RNSs last night

Published 1447 days ago

The New World Oil and Gas (NEW) farce took another bizarre twist yesterday with not one, but two extraordinary after-hours RNSs. We have never before seen a holdings in company RNS which contains not only a cautionary statement, but also references to media commentary. These RNSs ought to come under Red Flags at Night, but the ShareProphets RNS Translation Service got in first. First up, at 6.18pm……

Why has New World Oil & Gas not sacked Cornhill Capital?

Published 1447 days ago

There are grave concerns about the conduct and behaviour of New World Oil & Gas’ (NEW) board of directors, in response to the forward selling fiasco embroiling the company. Specifically New World’s private shareholders worry whether or not the directors are acting in their interests or rather are acting to save the company’s regulated advisors from the financial consequences of their incredibly reckless actions. Until New World’s board engages with its ordinary shareholders these fears will not go away, but there is one much more pertinent question that no-one seems to have asked. Why has New World not sacked Cornhill Capital?

Exclusive: Evil Knievil’s take on Room Service ref. New World Oil & Gas

Published 1448 days ago

About thirteen years ago, there was a tiddly company, quoted on AIM, called Room Service. Room Service was in serious trouble with its business and more than a few entirely reasonable people reckoned that not merely did it need to raise cash quickly, but there wasn't much point since it was a useless, shortly to be insolvent, business.

New World Oil & Gas; how large is the naked short?

Published 1448 days ago

Various parties involved in the New World Oil & Gas (NEW) fiasco seem determined to spread false information about the current size of the naked short position. At the EGM, one of Cornhill’s representatives laughably tried to claim that the volume in the first three days of trading wasn’t so spectacular and “at least 650million of the shares traded were done over two transactions, which were ‘bed & ISAs’”. That was an interesting enough revelation, but what is the true state of play?

Exclusive:New World Oil & Gas - RNS due Monday about new action group

Published 1449 days ago

There is only one legitimate way that the New World Oil & Gas (NEW) fiasco can be resolved and that is to involve the company’s rightful owners. I understand that this week New World’s board and reckless advisors have spent a lot of time trying to persuade the London Stock Exchange (LSE) to accept an open offer at 0.09p. This has been a complete waste of time. Even if the architects of this scandal somehow manage to fool the LSE that this is a viable solution to the settlement mess, it will not be the end of this matter. Does anyone really believe that New World’s shareholders will accept the heavy financial penalty such an open offer would inflict?

Open letter to AIM Regulation – time to act on Beaumont Cornish re New World Oil

Published 1453 days ago

On publishing this piece, I will send the following letter to ask formally for an investigation into the professional conduct of New World Oil & Gas’ (NEW) nominated advisor, Beaumont Cornish. Regular readers will be aware of Beaumont Cornish’s abysmal track record in discharging its duties as far as New World is concerned. It is high time the authorities investigated, so feel free to send a copy of the letter to the email address I give below.

The must-read final Room Service ruling – New World Oil & Gas

Published 1455 days ago

For anyone still interested in the New World Oil & Gas (NEW) forward selling fiasco, the old FSA’s final notice concerning the Room Service scandal makes for compelling reading. It turns out that there is a very clear precedent for how the New World omnishambles can be resolved. And it doesn’t end with happy smiles for those poor old “innocent” forward sellers.

African Potash; A NEW forward selling case involving Cornhill Capital?

Published 1460 days ago

Hot on the heels of the New World Oil & Gas (NEW) fiasco, evidence is emerging of a separate incident of possible forward selling of a placement involving another client of Cornhill Capital. Was this all above board? African Potash (AFPO) announced its plan to raise £1.2million on April 17th. In an echo of the New World controversy, African Potash’s placement was partially dependent on a successful shareholder vote at an EGM on May 21st.  Careful analysis of African Potash’s daily volume data, before and after April 17th, reveals a number of troubling questions.

New World Oil & Gas: Did Chris Oil vote yes and betray private shareholders?

Published 1464 days ago

Wednesday night’s result of New World Oil & Gas’ (NEW) EGM threw up an intriguing figure; 68,105,573. Now that figure might not seem particularly stimulating to the casual observer, but this block of votes voted in favour of Resolution 1 (for the placement) and against Resolution 2 (for the director/advisor warrants). Quite why anyone would have been in favour of the placement yet against the warrants is a bit on the peculiar side. Then again the New World debacle has attracted its fair share of odd characters. Speaking of which, did I mention that Chris Oil’s broker held 69,815,402 New World shares on the morning of the EGM?

Exclusive: London Stock Exchange has now suspended New World

Published 1465 days ago

On Monday evening, New World Oil & Gas (NEW) put itself into “temporary suspension”, pending the outcome of the EGM. Last night New World announced the results of the EGM, but the stock remains suspended. It turns New World’s suspension is now out of its hands. The London Stock Exchange has stepped in and suspended New World, until the settlement situation is resolved.

ShareProphets Exclusive; The hidden truths of New World’s EGM result

Published 1466 days ago

Tomorrow’s AIM-related headlines will be dominated by news of New World Oil & Gas’ (NEW) resounding shareholder rejection of its highly controversial placement. While this is cause for much celebration, this story is far from over. New World’s board appears determined to push ahead with the proposed open offer, to save the reckless forward sellers, despite such categorical resistance from the company’s rightful owners. The situation is now more explosive than ever, as illustrated by the figures from the vote.

Exclusive: Observations from New World Oil & Gas’ EGM

Published 1467 days ago

I took notes during New World Oil & Gas’ (NEW) EGM. Although these aren’t a comprehensive record of what turned out to be a very long meeting, they should hopefully provide some insight to those shareholders who were not able to attend.

Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

Published 1467 days ago

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

New World Oil & Gas; the London Stock Exchange sails into uncharted waters

Published 1468 days ago

Since arriving in Jersey yesterday morning, it is clear that whatever happens at New World Oil & Gas’ (NEW) EGM today the aftershocks of this fiasco will continue to be felt for quite sometime. New World has 702million shares in issue, yet in the twelve trading sessions after the company announced its unconfirmed placement somewhere between 6.5billion to 9.5billion shares exchanged hands. So far the authorities have largely washed their hands of this mess, but sooner or later it is going to dawn on them that they cannot ignore it indefinitely. Heads have to roll.

New World Oil & Gas; Chris oil to vote “No” with 6.93% of the vote?

Published 1470 days ago

I noticed yesterday morning that New World Oil & Gas (NEW) has updated its AIM Rule 26 disclosure concerning major shareholdings. Of all the changes, by far the most significant is the inclusion of Alliance Trust Savings Nominees Limited. Alliance Trust didn’t feature in New World’s previous disclosure and yet now apparently holds 6.93% of the company. Why does this matter? The answer is simple. Alliance Trust is Judith and Christopher Williams’ (a.k.a. Chris Oil) broker.

ShareProphets Exclusive; proof of drought of New World Oil & Gas stock

Published 1474 days ago

The unfolding New World Oil & Gas (NEW) fiasco has taken some bizarre turns, but I’ve just seen written evidence from one new New World shareholder that his broker has only been able to settle 1,060 of the 10,000,000 shares he should have received last Tuesday. That isn’t a misprint. He has only received 1,060 shares, as of writing. If there were any doubt how serious the settlement situation is in respect of New World’s stock that is now blown away. All that can save the reckless forward sellers is for New World to issue more shares.

Photo Exclusive: New World Oil & Gas; Happy Fake Sheikh Day!

Published 1474 days ago

Today is Fake Sheikh Day. Exactly one year ago, New World proudly announced to the world it had signed its absurd sale purchase agreement with the now infamous Fake Sheikh, “Dr” Muaaz KH M Alfahaid, to gain supposed access to the Kuwaiti oil market. Whether or not New World was ever able to determine if “Dr” Alfahaid was even Kuwaiti is unclear, but there is one thing we can be sure of. Having given “Dr” Alfahaid €1million, in the expectation of receiving $20million (ho, ho, ho), the good “Dr” promptly buggered off to leave red faces all round. Twelves months later, and with New World Oil & Gas’ (NEW) latest fiasco raging, ShareProphets is now delighted to share a photo once more of the good “Dr” together with none other than Bill Kelleher, Peter Sztyk and two other interesting chaps…

Boycott this website if you support market abuse – a statement by Ben Turney & Tom Winnifrith

Published 1475 days ago

The share blogger of the year Brokerman Dan is calling on investors to boycott this website because we accused him of over-promoting Sefton before dumping most of his shares (five days after tweeting    It's back to the rumour mill on #SER for me chaps! Am I selling? Not on your life. Tick! Tock! Goes the Stryker clock!) and for pointing out that his pal Chris Oil committed blatant market abuse before dumping ALL his Sefton stock.  Whatever.  IF YOU SUPPORT MARKET ABUSE PLEASE BOYCOTT THIS SITE AND BLOCK BOTH OF US ON TWITTER. However Dan makes a few other points.

Is New World Oil & Gas’ board legally allowed to issue shares or conduct a vote?

Published 1478 days ago

There are an increasing number of indications that New World Oil & Gas’ (NEW) board of directors has lost control of the company’s share capital structure. If this is the case then the implications for the growing fiasco, concerning the reckless forward selling of the company’s unconfirmed placement, are immense. With material uncertainty over who owns the company, how can New World’s directors possibly hope to conduct a legal issue of shares in the company, or even run a fair and legal vote, until after it has cleansed the shareholder register?

Exclusive: New World Oil & Gas - London Stock Exchange confirms it will allow a short squeeze to happen

Published 1480 days ago

Within the last hour, the London Stock Exchange (LSE) has issued an official statement concerning the settlement situation involving stock in New World Oil & Gas (NEW). In short, the LSE has confirmed what we already knew, after it allowed New World to open on Tuesday. It is going to stand by its rulebook and allow market forces to try to resolve the fiasco created by last week’s reckless and incredibly forward selling of New World’s unconfirmed placement. The stage is now set for perhaps the biggest short squeeze in the history of AIM.

Serious (impossible?) questions about this morning’s RNS from New World Oil & Gas

Published 1482 days ago

New World Oil & Gas (NEW) issued this RNS announcement this morning, in response to the omnishambles it now finds itself in. Crucially, New World did not deny the “Internet Commentary” it referred to, all but confirming that its unconfirmed placement has been legitimately and excessively forward sold. As of writing 460million shares have traded hands in New World stock (nearly half the issued share capital) and the price is off slightly at 0.08p. My personal view is that there are some incredibly lucky forward sellers out there who are covering their positions, but the epic mess is still a long way from resolution. As for the message circulating, that the Rights Issue is going to solve the problem, it seems that people just have not thought this through properly. Here’s why.

New World Oil & Gas; Why the forward sellers must pay

Published 1483 days ago

Tom last night published this charming bear cast. Buried deep within his signature potty-mouthed tirade he made some points, which demand addressing. Tom would have us believe that the poor old forward sellers should be given a gimme by the London Stock Exchange and let off the hook for the appalling losses they are going to suffer, as soon as New World Oil & Gas (NEW) resumes trading. This is wishful thinking for very simple and practical reasons, as I explain below. What is about to happen to the forward sellers of New World’s placement could prove to be the caustic cleansing experience that the Alternative Investment Market is in such desperate need of.

Will Beaumont Cornish lose its Nomad license over the raging New World Oil & Gas scandal?

Published 1483 days ago

In his bearcast earlier, Tom Winnifrith suggested that Beaumont Cornish should lose its Nomad licence for its appalling efforts this week, in overseeing RNS announcements from New World Oil & Gas (NEW). While I disagree wholeheartedly with Tom’s suggestion how the epic mess at New World might be resolved (cancelling trades would only leave the London Stock Exchange open to a massive class action lawsuit from and all those who bought New World stock), I agree entirely with Tom’s conclusion about Beaumont Cornish. Beaumont Cornish should have been investigated long ago for its conduct over New World, but this week’s succession of catastrophic errors leaves it extremely vulnerable. Here’s why.

NWOGaction; why I am voting against New World’s placement

Published 1485 days ago

As co-founder of NWOGaction (www.nwogaction.co.uk) I intend to vote against New World Oil & Gas’ (NEW) placement at the forthcoming EGM on May 19th. After an extremely intense 72 hours, I have given this a great deal of thought and explain below my rationale.

New World Oil & Gas; embezzlement arrest warrant for director’s wife

Published 1485 days ago

New World Oil & Gas (NEW) has not issued an RNS to confirm whether or not Bill Kelleher has repaid the several hundred thousand dollars he owes the company or if he has left his role as a well-paid technical advisor. Frankly, New World should have done, but we’ve now been passed some other interesting information concerning one of the directors’ wives. It appears that the Kazakh Department of the Agency for Public Service and Anti-Corruption is seeking the arrest of Peter Sztyk’s wife for “misappropriation or embezzlement of entrusted property”.

New World Oil & Gas; the most insane placement ever?!

Published 1488 days ago

Is there a better example of why AIM is in such desperate need of reform than New World Oil & Gas (NEW)? This is a company that has habitually lied to and misled its shareholders, paid its rapacious board of directors inordinate sums, delivered next to nothing for over two years and, lest we forget, foolishly gave €1million to a fake sheikh, in the bizarre hope of breaking into the Kuwaiti oil market. You couldn’t make this stuff up, so it almost defies belief that the company has been able to raise £1.5million this morning

New World Oil & Gas; another laughable bogus ramp perpetrated through DirectorsTalk.com

Published 1619 days ago

Over the last few days, we’ve witnessed one of the most laughable bogus stock ramps of the year. Using DirectorsTalk.com and a little known website called www.smallcapnetwork.com, certain unidentified parties are distributing wildly misleading “research” about my old favourite, New World Oil & Gas (NEW), in a classic a pump and dump. Unfortunately, the New World pump and dump isn’t the first time we have come across this particular operation and there are now serious questions about what DirectorsTalk.com is up to.

New World Oil & Gas; is the Niel deal off?

Published 1684 days ago

In the RNS announcing its AGM, New World Oil & Gas (NEW) forgot to mention it had posted on its website the notice of the AGM together with the proposed resolution for shareholders to vote on. The proposed resolutions and voting papers can be found here and, as is ever the case with New World, there are some extremely interesting omissions. First, despite having committed to it in the annual report, new CEO Peter Sztyk is no longer retiring as a director and seeking re-election. Second, and possibly much more significantly, there is no proposed resolution concerning the Niel Petroleum deal. Considering that the Takeover Panel’s verdict was that New World requires shareholder approval to complete this deal, this leads to the obvious question; is the Niel deal off?

New World Oil & Gas shafts its shareholders to the bitter end

Published 1685 days ago

What is happening at New World Oil & Gas (NEW) is simply outrageous. This is fast becoming the perfect case study to demonstrate why AIM is in such desperate need of reform. Not content with the royal shafting it has already inflicted upon its shareholders, the wretched board of this wretched company has the nerve to claim its actions are being done in their interests. New non-executive chairman Chris Einchcomb must have had a good belly laugh when he said his fellow porcine directors are “committed to… maximising the value to shareholders and believes the actions taken above are important steps to achieving this”. Retaining Bill Kelleher on a consultancy contract so he can “repay” the loan he took out to participate in March 2013’ controversial placement is hardly the act of a board committed to maximising shareholder value. No, it’s more a case of the parasites bleeding every last drop from the now rotting carcass that has been such a generous meal to gorge upon. These people give leeches a good name.

New World Oil & Gas; finished on AIM, board in disgrace, Beaumont Cornish entirely discredited

Published 1690 days ago

Shame on Roland Cornish and Felicity Geidt of Beaumont Cornish, New World Oil & Gas’ (NEW) nominated advisor. Shame on Stephen Polakoff, Roland Hodder and Chris Einchcomb, New World’s non-executive directors, who comprise the company’s remuneration committee. Above all, shame on Peter Sztyk, Georges Sztyk and Bill Kelleher. Shame on all of you, shame on your wilful lack of disclosure, shame on your disregard for New World’s shareholders and shame on your greed. 

New World Oil & Gas - $4.8million from Niel Petroleum. Is it a loan? Is it an investment? Is it a fee? No, apparently it’s a gift!!!!

Published 1690 days ago

If you thought that sending €1million to a man you hadn’t completed due diligence on, in the hope of receiving $20million, was the height of stupidity, you’d be wrong. Taking €1million out of an escrow account, set up expressly for a deal that has failed to close after more than a year’s worth of delays, to pay said amount to said man, in the hope of receiving $20million, is probably a good deal more stupid. Yet this is exactly what New World Oil & Gas’ (NEW) $1.75million a year board of directors did, at some point between the middle of May and end of June this year. Unless Niel Petroleum has taken leave of its senses and given, as a gift, this money to New World, this spells big trouble if Dr Alfahaid doesn’t soon make good on the $20million he was meant to have paid by August 8th.

New World Oil & Gas; are Bill Kelleher, Peter Sztyk, Georges Sztyk, Stephen Polakoff, Roland Hodder & Chris Einchcomb the most incompetent businessmen on AIM?

Published 1691 days ago

Things go from dire to abysmal at New World Oil & Gas (NEW). With the after market release of New World’s interim figures last Tuesday, there are disturbing questions about the company’s financial position and the nature of its financial arrangement with Niel Petroleum. I plan to return to these tomorrow, but in the meantime there is a much more serious problem concerning the €1million payment made by New World to Dr Alfahaid of Al-Maraam Al Ahliya Trading & Contracting before June 30th this year. It appears, by its own admission, cash-strapped New World has paid what amounts to a €1milion deposit to an individual it had not completed due diligence on. Even by the calamitous standards of what passes for corporate decision making at New World, this action could prove to be the most inept. Here’s why.

Beaumont Cornish; has it failed miserably as New World’s Nomad?

Published 1716 days ago

The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement. 

New World Oil & Gas; did directors dispose of 3.84% of the company’s stock without announcing it?

Published 1719 days ago

According to New World Oil and Gas’ (NEW) AIM Rule 26 Disclosure “5.19% of the Company's securities are not in public hands”. This is all well and good, but for one small problem. The figure should read 9.03%. Based upon previously announced director holdings, it appears at least three directors have disposed of or transferred holdings equivalent to 3.84% of the company’s equity, including (but not necessarily limited to) Bill Kelleher, Peter Sztyk and Georges Sztyk. New World has not issued any RNSs declaring disposals, so what on earth is going on?

Exclusive Expose; Did Bill Kelleher partially settle the $298,000 he still owed on his defaulted yacht debt with his company stock in January 2014?

Published 1720 days ago

On Friday, I revealed the Texas Community Bank’s legal action against New World Oil & Gas (NEW) CEO Bill Kelleher for his apparent default on a $550,000 debt. This was immediately before New World listed on AIM. Mr Kelleher had secured his unpaid loan on his private yacht, Neftegaz. In the original action the Texas Community Bank sought to take possession of Neftegaz, but by January 14th 2014 it seems that Mr Kelleher still owed $298,846.25 of the original debt. On this date the US District Court Southern District of Texas granted an Order for Turnover Relief against Mr Kelleher. It ordered him to “turn over for levy to the Harris County Constable… within ten days… all shares of stock in New World Oil and Gas, PLC, except those that he is restricted from transferring or selling under the terms of the agreement with his employer, cash and securities in bank and safety deposit accounts totalling $298,846.25”. Funnily enough, I can’t find any reference to this court order in an RNS.

New World Oil and Gas; will CEO Bill Kelleher repay his controversial loan at the end of this month?

Published 1722 days ago

In March 2013, one month before the company announced it had plugged and abandoned the non-commercial Rio Bravo exploration well, New World Oil and Gas (NEW) conducted a highly controversial £6.3million placement at 2p. The controversy stemmed from two sources. First, there was the suspicion that this placement was heavily forward sold, which resulted in the calamitous price. Second, New World lent vehicles controlled by its three executive directors a combined sum of  $1million so they could participate in the deeply discounted placement. CEO William Kelleher borrowed $333,000 from the company and the outstanding balance on this amount is due at the end of this month. After yesterday’s revelation of the Texas Community Bank’s legal action against him for nonpayment of >$550,000 in February 2011, will Mr Kelleher repay the money he controversially borrowed?

Exclusive Expose: Bill Kelleher’s default on $550,000 yacht debt at the time New World Oil & Gas listed.

Published 1723 days ago

In February 2011, just over two months before New World Oil & Gas (NEW) came to market, the Texas Community Bank brought a court action against CEO Bill Kelleher for failing to repay a $585,000 loan. This loan was a mortgage on Mr Kelleher’s private yacht, Neftegaz. With less than a month until Mr Kelleher is due to repay New World whatever he owes the company on the $333,000 he borrowed in March 2013 to participate in that month’s controversial placement, troubling questions have arisen about the state of Mr Kelleher’s finances, the extent to which he disclosed his financial difficulties and how these might have affected corporate decisions at New World. Would British private investors have been prepared to back a company, whose CEO had apparently defaulted on an outstanding $550,000 debt? More to the point what did New World’s Nomad Beaumont Cornish know about this? Surely mention of this live legal action should have been published in the original prospectus?

Takeover Panel demands New World Oil & Gas seek new approval for Niel deal

Published 1794 days ago

Just over a week ago, I wrote this open letter to the Takeover Panel about New World Oil & Gas’ (NEW) never-ending deal with Niel Petroleum and whether the original shareholder approval granted on September 12th 2013 was still valid. It looks like it wasn’t. On Tuesday, New World issued this RNS, in which it was forced to announce “the Transaction [the Niel deal] will be subject to the waiver of the obligation on Niel Petroleum SA to make a general offer under Rule 9 of the Takeveor Code being approved by independent shareholders on a poll”. This is good news for shareholders as they now have the opportunity to scrutinise more thoroughly Kuwaiti firm Al Maraam Trading & Contracting Ltd’s (Al-Maraam) involvement in this. In particular serious, unanswered questions remain on what basis New World can claim that “Al-Maram will participate in all future bid rounds for the drilling and production of oil and gas in Kuwait”.

Bowleven and the art of taking profits

Published 1796 days ago

If you’ve ever played poker you will know the worst thing that can happen to a bad player, who doesn’t understand the mechanics or maths of the game, is to win a reasonably large amount early in his or her playing days. Invariably such people convince themselves they have unlocked the secrets of the game and are invincible, rather than recognise the luck of the draw. Our lucky winner invariably ends up giving back his or her winnings to the table and a whole load more to boot. Bust and demoralised, such people often have trouble understanding what’s gone wrong, having made such a profitable start. They remain obstinately unaware of the importance of playing the long term odds, certain in the knowledge they must be right, even though they’ve lost all their money. Exactly the same principle applies to gamblers on AIM stocks, especially those in the resource sector.

New World Oil & Gas – an extremely simple question to answer

Published 1810 days ago

Yesterday, shareholders in New World Oil & Gas (NEW) were treated to yet another excuse for inactivity in Denmark (whoops, sorry, I meant “extension to the licenses”). But fear not, those extremely generous director salaries are still being paid, so it won’t be long now before CEO William Kelleher and the two Sztyks have repaid the $1million in loans they took out from the company, to pay for their participation in March 2013’s controversial placement. What a carry on! However, there is one easy, easy question this board can answer. On what basis does it claim that its proposed deal with Al-Maraam will enable New World to “participate in drilling and production in Kuwait and marketing of crude oil abroad”?

My nominations for the AIM Cesspit Awards 2014 - BrokerManDaniel - with BMD's missing sixth choice!

Published 1823 days ago

It's great that the 2014 AIM Cesspit Awards are this year being held once again at The Real Man Pizza Company, Clerkenwell, London. I hope there are chips on the menu this year! The food was rather poncy/rich for my taste buds! The last known case of gout in Northern England was actually a Southerner who relocated for the BBC. I had a thoroughly enjoyable time last year. Not to be taken too seriously it's just a bit of a laugh or if you're from London "Larffff"

My nominations for the AIM Cesspit Awards 2014 - Ben Turney

Published 1824 days ago

Another year goes by on AIM. Directors get richer, investors get poorer, the regulators find little to occupy their time with. By any stretch of the imagination, AIM  is not a healthy functioning market and it is too easy to cheat. How long this can all go on is anyone’s guess, but AIM is in desperate need of urgent and substantial reform. Here are my picks.

New World Oil & Gas; Al-Ma..who?!!!

Published 1831 days ago

When New World Oil & Gas (NEW) announced its surprise potential entry into the Kuwaiti oil sector, the market reaction was ecstatic. The company’s shares nearly doubled in price, as speculators salivated at the prospect of gaining access to at least some of the 3.5MMbopd, which Kuwait plans to produce by the end of 2015. Taken at face value this sounds like an incredible deal; except there is one small problem. I cannot find any reference, whatsoever, to New World’s apparent Kuwaiti partner in any of the published lists of approved contractors, authorised to tender for work in Kuwait’s oilfields.

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