New World Oil And Gas Regulatory News (NEW)

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

3 October 2013

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

Update on Subscription

Further to the announcement of 27 September 2013, the transfer of funds required to complete the subscription for new shares in the Company by Niel Petroleum S.A. ("Niel" or the "Subscriber") has not yet occurred. Notwithstanding the continuing delay in the receipt of funds, the Board believes that the Subscriber fully intends to complete the investment in the Company and consequently is continuing to work with Niel to finalise the necessary steps to resolve matters.

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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. 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.