Agreement with First Meadows Ltd

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

12 May 2011

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

Agreement with First Meadows Ltd to Source Oil and Gas Projects

New World Oil and Gas Plc, a company focussed on acquiring interests in oil and gas assets, has appointed First Meadows Ltd ('First Meadows') to source oil and gas projects principally in Central and South America and provide consultancy services to the Company.

First Meadows is a consultancy firm headed by Robert Hankes, a former investment banker, who has extensive experience in the energy sector worldwide. He previously worked with Swiss Bank Corporation, Shearson Loeb Rhoades and Banque et Internationale d'Investissements before embarking on a career that spanned all aspects of investment banking, mergers and acquisitions and privatisations as both a principal and an adviser. Mr. Hankes has held board positions on a number of listed and non-listed companies, and has over the latter part of his career specialised on all aspects of energy, both upstream as well as in the electricity-generating industry. Having been responsible for sourcing and acquiring projects in developing markets such as Argentina, Ghana and Kazakhstan, Mr. Hankes has developed extensive contacts in the energy sector throughout Central and South America, Africa and the Former Soviet Union.

Under the terms of the agreement, First Meadows will source investment opportunities in the oil and gas sector exclusively for New World and principally in Central and South America where it has specific experience and access to such opportunities. Other services will include the identification and negotiation of investment opportunities with prospective business partners; the development and preparation of presentations to investors, principals and financial institutions; and the undertaking of on-site trips on behalf of New World.

New World CEO William Kelleher said, "Having listed on AIM yesterday, we are delighted to sign this agreement with First Meadows, which demonstrates our commitment to rapidly fulfil our stated strategy of building a significant oil and gas exploration and production company. We anticipate that the coming weeks will be highly active as we commence the process of acquiring assets which are, in the opinion of the Directors, under-performing, undeveloped or undervalued and subsequently developing them towards production. We are very excited about the future of the Company and look forward to updating shareholders on a regular basis."

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For further information please visit www.nwoilgas.com or contact: