New World Oil And Gas Regulatory News (NEW)

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

29 November 2012

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

Positive Logging Results and Operational Update

New World Oil and Gas Plc, the oil and gas exploration and development company focused on Belize and Denmark, is pleased to announce that following an analysis of recent open hole logging results and the conclusion of a petrophysical interpretation of the Y1, Y2, Y3 and Hill Bank formations at the B Crest prospect, live oil shows in the Y3 and Hill Bank reservoirs have been confirmed. A decision has been made to drill a deviated well from the existing vertical well location to get up structure in the Y3 and Hill Bank formations to evaluate the trap potential in this part of the structure and to target additional potential oil accumulations. This decision was taken with the approval of the Government of Belize.

New World CEO William Kelleher said: "I am extremely encouraged by the increased prospect of discovering a large accumulation on our B Crest prospect. Drilling results and log data so far confirm that we are in an active hydrocarbon system as evidenced by the logs and significant amounts of live oil observed at surface while drilling. The log results for the Hill Bank dolomite formation have indicated gross reservoir thickness of approximately 290 feet. By drilling a deviated well up structure from our current location toward a NE to SW bounding fault that images considerable vertical displacement on seismic in the Y3 and Hill Bank reservoirs, we expect an improved trap potential, obtain better log results and an increase in the gross reservoir thickness. This will be followed by well testing in the ordinary course of exploration operations.

"I would like to take this opportunity to congratulate our team in Belize for bringing in the Blue Creek 2 well at a significant saving to our initial estimate. The cost of the Blue Creek 2 well including the deviated well that will commence at 3,000 feet, and will be drilled to a total measured depth of 11,800 feet, is not expected to cost more than the sum of the total cost of the original Blue Creek 2 well."

The technical content of this announcement has been reviewed and approved by William Kelleher who has been a member of the Society of Petroleum Engineers for 27 years, as well as the Government of Belize.

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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. Blue Creek in Belize is the Company's most advanced project where drilling operations are currently underway at the B Crest prospect. 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.