New World Oil And Gas Regulatory News (NEW)

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

30 May 2012

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

Blue Creek Project Working Interest Increased to 25%

New World Oil and Gas Plc, a company focused on making investments in the oil and gas sector, announces that the Belize Ministry of Natural Resources and the Environment has formally approved the assignment of a further 12.5% working interest in the 420 sq km 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 125 line km of 2-D seismic data as detailed in the Farm-Out Agreement ('FOA') announced on 16 June 2011, brings the Company's total working interest in the Project to 25%.

Under the terms of the FOA, which was amended in February 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 a two well drilling programme. The most recent Competent Person's Report ('CPR') gives a combined P50 gross resources estimate of 294 million barrels of oil with a combined NPV10 of US$7.1 billion for two prospects. Upon completion of Phase 3, currently underway and incorporating a 61 line km 2-D seismic survey on the Project, RPS Energy will provide an additional CPR with updated volumetrics.

New World CEO William Kelleher said, "With the excellent progress being made in Belize and the Project's vast potential becoming more apparent, we are delighted to have increased our working interest to 25%, with the option of moving to a full 100%, which also highlights the support we continue to receive from our partners and the Government of Belize. This truly exciting project has been considerably de-risked and we are actively progressing with our seismic acquisition programme in Belize.

"With our first outstanding year on the AIM market behind us and strong cash position following a fundraising earlier in the year, we are confident we will deliver on our stated milestones in Belize as well as in Denmark where we have two other highly prospective projects."

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Notes

New World Oil and Gas Plc is focussed on making investments in the oil and gas sector, either by acquisition or by participation through Farm-Out. The Company targets late stage exploration or early production projects that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing, located in basins with large proven reserves. New World is currently operating in Central America and Europe where New World has acquired two highly prospective projects via Farm-Out Agreements, although the Board is actively identifying exploitation opportunities in areas including Africa, South America and South East Asia.

New World's first investment was in the Blue Creek Project, located in the productive Petén Basin in northwest Belize, and consists of two concessions, Blue Creek and Blue Creek South, totalling 420sq km. The Company has signed a Farm-Out Agreement for up to a 100% working interest in the project upon full completion of the earn-in work programme. A multi-phased 2-D seismic acquisition and interpretation programme is being undertaken, with Phase 1 complete and Phase 2 currently underway, the completion of which will earn the Company a 25% interest in the project.