New World O&G announced that its intermediary First Meadows has signed a non-binding letter of intent granting First Meadows (on behalf of the Company) a 45 day exclusivity period in which to undertake due diligence on two oil concessions totaling 560 sq km, located in the productive Petén Basin in Northwest Belize ('the LOI'). The LOI is non-binding save for granting First Meadows a 45 day exclusivity period in which to undertake due diligence on behalf of the Company, following which First Meadows has the right to transfer its rights under the LOI to the Company. Any potential investment by the Company would be in accordance with the Company's investing policy as set out in its Admission Document.
New World CEO William Kelleher said, "We are delighted that this opportunity has materialized for us so quickly. As per the Company's stated investment policy, we are initially focused on opportunities in Central America, with particular emphasis on the highly prospective Petén Basin, Belize, where the Board believes that significant opportunities exist. This Project falls within our investment criteria and is particularly exciting as it is located in very close proximity to recent commercial discoveries."
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