New World Oil And Gas Regulatory News (NEW)

New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas

18 March 2013

New World Oil and Gas Plc ('New World' or the 'Company')

25% Working Interest Assigned in the Danica Resources Project, Denmark

New World Oil and Gas Plc, an oil and gas operating company focused on Belize and Denmark, is pleased to announce that the Danish Energy Authority, part of the Government of Denmark, has formally approved the assignment to New World's wholly owned subsidiary, New World Resources ApS ('NW Resources'), a 25% working interest in Licence 1/08 of the Danica Resources Project in Denmark ('Danica Resources').

Licence 1/08 is located in the productive Western Baltic region of the South Permian Basin in Southern Denmark, totalling 6,420 sq km.  The assignment of 25% working interest to New World is in accordance with the Farm-Out Agreement announced on 17 April 2012 and follows the completion of Phase 1 of a 2-D seismic acquisition programme consisting of 166.44 sq km, and an additional 38.5 sq km 2-D seismic acquisition programme on two re-confirmed leads.

Results from Phase 1 were incorporated into an updated Competent Person's Report (released 22 January 2013) which confirmed the prospectivity of the drill-ready Als prospect with an estimated P50 un-risked prospective recoverable resources of 1.4 TCF & 97MMbo & NPV10 of US$2.4billion (unrisked). Additionally, four previously identified Zechstein leads were confirmed on Falster and Lolland Islands from the new seismic data on which a 38.5 km 2-D acquisition programme has recently been completed. Results from this 2-D programme targeting these large leads which total 13,485 acres will be released in Q2 2013.

New World CEO William Kelleher said, "We are delighted to have now earned into a 25% working interest in both of our Danish projects. In tandem with increasing our interests in these three exciting licences, we are delivering on our strategy to systematically identify, delineate and de-risk multiple prospects to the point of drilling. At our Danica Resources project, we already have the drill ready Als prospect, which has estimated P50 prospective resources of 97 MMbo and 1.401 TCF of gas on a 100% working interest basis, and this is just one of 29 leads/prospects we have identified. We are keen to receive the results of our recently completed 2-D seismic programme on our two large prospects on the Lolland and Falster Islands totaling 13,485 acres. With results expected in Q2 2013 there remains tremendous scope to materially add to the P50 prospective resources on the licence, particularly bearing in mind the size of Als' volumetrics. I look forward to updating the market on our progress."

**ENDS**

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Notes

New World Oil and Gas Plc is an oil and gas operating company with three highly prospective projects in Belize and Denmark. New World is operator of all three projects where a systematic programme of seismic acquisition has resulted in multiple prospects being identified and derisked, a number of which have been classified by the Competent Person as being drill ready. In Belize drilling operations commenced at the West Gallon Jug Crest Prospect on 1 March 2013. New World also operates two projects in onshore Denmark located in producing basins covering a combined area of over 2.6 million acres, making it the largest holder of acreage in Denmark.

Management is constantly evaluating additional projects that would complement the Company's growing portfolio, particularly late stage exploration or early production projects located in basins with large proven reserves that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing.