12.5% Interest in Danica Jutland Project Assigned

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

7 August 2012

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

Initial 12.5% Working Interest Assigned in the Danica Jutland Project, Denmark

New World Oil and Gas Plc, an oil and gas operating company focussed on Belize and Denmark, is pleased to announce that the Danish Energy Authority, which is part of the Government of Denmark, has formally approved the assignment of an initial 12.5% working interest in Licences 1/09 and 2/09, totalling 4,107 sq km, located in the productive Jutland on-shore area in South Western Denmark ('the Danica Jutland Project' or 'the Project'), to the Company's wholly-owned subsidiary New World Jutland ApS ('NW Jutland'). This represents the assignment of the first tranche under the Farm-Out Agreements announced on 11 October 2011 and follows the acquisition of 135 line km of 2-D seismic data.

The Company has now embarked on a second phase of seismic acquisition, comprised of 55km of 2D seismic, to further delineate two Triassic prospects identified on Licence 2/09 which is nearly complete, and 75 sq km of 3D seismic on Licence 1/09, in order to map the Jensen Zechstein prospect prior to exploration drilling. Upon the completion of this next phase of seismic acquisition, NW Jutland will be transferred a further 12.5% working interest, bringing the Company's total working interest in the Project at that stage to 25%.

New World CEO William Kelleher said, "I am delighted with the assignment to New World of the first 12.5% working interest in the highly prospective Danica Jutland Project. We are now pressing ahead with a planned second phase of seismic acquisition as part of our stated strategy to further delineate and derisk the multiple prospects we have identified on these two licences, three of which already have combined best estimate prospective volumetrics of 0.748TCF and 60MMbo and a P50 NPV10 of US$1.305bn.

"Not only are we systematically progressing and derisking Danica Jutland, but we also have a drill ready prospect with unrisked P50 prospective resources of 330.5MMboe at our second Danish project, Danica Resources, where we are due to commence a new 2D seismic programme shortly. At the same time, we announced last week that we will be drilling our first well at Blue Creek, our flagship project in Belize, in October at the B Crest prospect which has un-risked P50 prospective resources of 92MMbo and a POSg of 1 in 5, as confirmed by RPS Energy in its Competent Person's Report. With all this activity in mind, we are making rapid progress towards achieving our goal of building a leading diversified oil and gas company. As a result, we expect there to be considerable newsflow over the next few months, which promises to be a highly exciting time for New World."

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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 2.6million 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.