New World Oil And Gas Regulatory News (NEW)

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

10 October 2012

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

Blue Creek Project Working Interest Increased to 35%

New World Oil and Gas Plc, an oil and gas operating company focussed on Belize and Denmark, announces that the Belize Ministry of Energy, Science & Technology and Public Utilities has formally approved the assignment of a further 10% working interest in the Blue Creek Project located in the producing Petén Basin in Northwest Belize ('the Project') to New World's wholly owned subsidiary, New World Oil and Gas (Belize) Ltd ('NW Belize').

This assignment, which was approved following the acquisition of an additional 43 line km of 2-D seismic data, as detailed in the Interim Statement of 28 September 2012, brings the Company's total working interest in the Project to 35%.

Under the terms of the Farm-Out Agreement ('FOA'), originally announced on 16 June 2011 and amended in February 2012 and May 2012, the Company can earn up to a 100% working interest in the Project by achieving various milestones, including a three phase 2-D seismic acquisition programme totalling 231 line kilometres and an exploration drilling programme. With the seismic programme completed, drilling has just commenced on the B Crest Prospect, which will be drilled to a total depth of 7,000ft into the mid cretaceous Yalbac 2 Formation, with results expected by year-end.

New World CEO William Kelleher said, "Earning into a 35% working interest in the highly prospective Blue Creek project, Belize, marks the formal end of our successful seismic acquisition programme and the beginning of a highly anticipated drilling campaign. On 27 September 2012 we spudded our first well on our B Crest Prospect, which, on completion, will see our interest in the Project increase to 56.6%. Combined with our recently announced placing, I look forward to updating shareholders on our progress during this exciting time for the Company."

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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. Blue Creek in Belize is the Company's most advanced project where, later this year, drilling is due to commence at B Crest, a prospect with un-risked P50 prospective resources of 92MMbo and a POSg of 1 in 5 as confirmed by a Competent Person. 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. As a result, the Board is actively identifying exploitation opportunities in areas including Africa, South America and South East Asia as it looks to build a leading, diversified oil and gas company.