Commencement of Drilling in Belize

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

28 September 2012

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

Commencement of Drilling of Blue Creek #2 Well, B Crest Prospect, Belize

New World Oil and Gas Plc, an oil and gas exploration and development company focused on Belize and Denmark, is pleased to announce that the Blue Creek #2 well targeting the B Crest prospect commenced drilling on 27 September 2012, at its Blue Creek Project ('Blue Creek' or 'the Project'), located in the productive Petén Basin in Northwest Belize. The Company's Competent Person, RPS Energy, estimates B Crest to hold a P50 un-risked prospective resource of 92.1 million barrels of oil ('MMbo') (Y1 and Y2 intervals) and a P50 un-risked Net Present Value ('NPV10') of US$2.4 billion on a 100% working interest basis.

Following New World's farm-down of a 5% working interest in the Blue Creek #2 well with the drilling contractor, ThermaSource International LLC ('ThermaSource'), rig #104 will drill to a target depth ('TD') of 7,000ft, targeting the mid cretaceous Yalbac 2 Formation. RPS Energy reports a Probability of Geologic Success ('POSg') of 1 in 5 and drilling results will be released once TD has been reached, which is expected to be in mid November 2012.

Blue Creek #2 on the Company's B Crest prospect is the first of three wells planned to be drilled at Blue Creek. RPS Energy has given the three drill ready prospects at Blue Creek combined P50 volumetrics of 329MMbo and a NPV10 of US$8.1 billion, on a 100% working interest basis.

New World CEO William Kelleher said, "A significant milestone has been reached for New World today in the spud of our first well in Belize. This has been achieved not only ahead of schedule but at a reduced cost, following the amendment to the Farm-Out Agreement and subsequent farm-down to our drilling contractor as previously announced. Blue Creek #2 is the first of three wells planned to be drilled in Belize over the next twelve months. This is a highly exciting time for the Company, and I look forward to updating the market on our progress as we continue our efforts to make an oil and gas discovery."

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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 2.6 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. 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.