6 month extension for Danica Jutland Licences

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

25 June 2014

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

Secures a six-month extension for the Danica Jutland Licences, Denmark

New World Oil and Gas Plc, an oil and gas operating company focused on Denmark and Belize, is pleased to announce that it has secured a six-month extension in work programme commitment deadlines for Licences 1/09 and 2/09 ('the Licences') to 31 January 2015 at its Danica Jutland Project in Western Denmark of which it currently holds a 25% working interest. This extension, which will allow the licence holders to carry out further exploration work, was discussed with Danica Jutland ApS and the Danish North Sea Fund, the Company's 20% full-paying partner, and approved by the Danish Energy Agency ('the DEA').

As per the announcement made on 23 January 2014, New World has committed to a passive gas survey to expand its existing prospect inventory in an effort to determine the best possible candidate for a slim-hole well, prior to making a decision whether or not to drill a conventional well. The survey is currently underway and the extension to the phase three licence commitments allows more time to complete the survey and to continue on-going discussions with potential farm-in partners.

New World CEO William Kelleher said, "This further licence extension provides us with more time to complete our on-going passive gas survey with a view to making a drill decision at our Danica Jutland Licences by early 2015. The extra time also allows us to continue our discussions with potential farm-in partners as we look to further de-risk our prospects. I look forward to making further updates in the near future."

Background on Licences 1/08 and 2/08

New World has already completed the Danish licence obligations with regards to seismic acquisition. A total of 155 km of 2-D and 75 sq km of 3-D seismic data has been acquired on the Licences and, as a result, New World currently holds a 25% working interest in each Licence. In addition, the Company has conducted a geochemical survey on the Licences and has also performed AVO (Amplitude vs. Offset) analyses. Since acquiring the Licences in 2012, the Company has commissioned and released a number of Competent Person's Reports, resulting in indicative volumetrics and success case economic outcomes for the Licences totalling 591 BCFG (unrisked sum of individual P50, discovery case) and a NPV10 of US$655.7 million net to New World.

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