New World Oil And Gas Regulatory News (NEW)

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

10 April 2013

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

Drilling Update, Belize

New World Oil and Gas Plc, an oil and gas exploration and development company focused on Belize and Denmark, announces that the Rio Bravo #1 Well ('Rio Bravo' or 'the Well') on the West Gallon Jug Crest prospect ('WGJc') in Belize is currently drilling at approximately 7,700 feet. Whilst a number of hydrocarbon shows have been recorded, the commerciality of these shows can only be determined once the well is drilled to total depth ('TD'), open hole logs are run and interpreted, and well testing results are available. The planned TD of the Well is estimated at 8,800 feet. On-going operations are continuing to proceed without incident, are on schedule and under budget.

Rio Bravo, which commenced drilling on 1 March 2013, is targeting a non-fault dependent four way structural closure in the Upper Jurassic Margaret Creek Formation. The Well is currently drilling through the Cretaceous interval, through the anhydrite top seal and dolomite sequences. To date drilling operations at WGJc have been in line with the Company's geologic expectations.

As reported in the Company's Re-Admission Document dated 3 July 2012, the West Gallon Jug Crest prospect shows P50 un-risked prospective resources of 113 million barrels of oil ('MMbo'), with a P50 Net Present Value ('NPV10') of US$2.6 billion on a 100% working interest basis. Following the completion of the Rio Bravo Well #1, New World's working interest in the Blue Creek Project, where the Company has identified multiple leads and prospects, will increase to 100%, subject to approval by the Government of Belize.

Maranco Energy Belize Ltd.

On 2 April 2013 in an announcement titled "Oil Discovery in Orange Walk District" the Ministry of Energy, Science and Technology and Public Utilities in Belize disclosed that Maranco Energy Belize Ltd. ('Maranco') had discovered an encouraging oil show at the South Canal Bank#1 exploration well in the Gallon Jug area. Further and necessary testing is ongoing to determine the commercial potential of the oil show.

New World CEO William Kelleher said, "We are very interested in the news of Maranco's oil discovery given that the well is in the Gallon Jug area, and we are eager to hear the results of the well testing. In the meantime drilling at our WGJc prospect is progressing well with approximately 1,000ft remaining until we reach TD.

"Good progress is also being made in Denmark where the 3-D seismic data is currently being interpreted and discussions with farm-in partners are on-going. An update is expected to be made to the market on finalisation of the seismic data in the coming weeks."

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For further information please visit www.nwoilgas.com or contact:

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.