AGM Statement and Result of AGM

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

29 June 2011

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

AGM Statement and Result of AGM

New World Oil and Gas Plc, a company focussed on making investments in the oil and gas sector, held its Annual General Meeting today at which all resolutions were duly passed.

At the meeting, New World CEO William Kelleher made the following statement:

"Since joining AIM on 11 May this year, your Company has made great progress in advancing its investing strategy. On 12 May we appointed First Meadows Ltd to source oil and gas projects and provide consultancy services to the Company and thereafter completed our first acquisition in Belize, the Blue Creek Exploration Project ('Blue Creek'). Since that date we secured a Letter of Intent and with our partner, Blue Creek Exploration, appointed a Competent Person Company, RPS Energy to complete a Competent Persons Report ('CPR'), the results of which exceeded our expectations. We also negotiated and executed farm-out and joint operating agreements, concluding the transaction and the naming of New World as operator.

"We are hopeful of investing in a second project in the near future, this time in Scandinavia, and we also have a strong pipeline of other projects which fit our investment criteria, namely late-stage exploration, or undeveloped discoveries in basins with proven oil and gas reserves that are in close proximity to markets with world oil prices, in countries with low political risk.

"We are now progressing the development of Blue Creek and have mobilised a seismic crew, which has already completed approximately 25% of the Phase 1 2D seismic programme. We are wasting no time in following through with our commitments to our partner and the Government of Belize, and are diligently following through with all the land and environmental issues connected to the seismic acquisition programme. The Company expects to complete the earn-in work programme obligations agreed in the farm-out, including drilling operations, by Q1 2014.

"In today's public markets, building and implementing an effective funding strategy can exceed the challenge of finding oil and gas reserves. Accordingly, the Company has embarked on a focussed funding strategy to fulfil its objectives. £3 million was raised at the IPO, which is enough to fully fund the Belize asset to the start of drilling. We have committed GBP1.35 million (US$2.165 million) over the next 12 months for all seismic operations, field operations and overhead costs which represent 53% of the Company's net IPO cash reserves.

"In order to acquire and advance other potential projects, which have the ability to add significant value to New World going forward, we recently raised a further circa £3 million before expenses via a placing of 50,000,000 new ordinary shares at 6 pence per Placing Share. This price was at a 20% premium to the IPO price. The sum of the remaining cash reserves of the Company plus the net capital raised in the recent equity placing equals £4.875 million (US$7.8 million). When factoring out the commitment to seismic operations in Belize over the next year, the net balance of the Company's cash reserves equals £3.93 million (US$6.3 million).

"Our strategy and ultimate goal is simple: to make oil and gas discoveries; to explore for, develop, and maximise the value of oil and gas reserves; and to deliver this value to our shareholders. In doing so we plan to expose our Company to investment opportunities that represent low risk and provide strong upside potential for material value appreciation. Risk will also be mitigated by spreading our operations across multiple regions in the world, maximising our chances for achieving a greater return overall to our investors.

"I would like to take this opportunity to thank my fellow directors and our team of advisors for the excellent job they have done in bringing our Company to where it is today. I look forward to updating our shareholders on our progress in due course."

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