Drilling Update, Belize

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

8 November 2012

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

Drilling Update, 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 drilling of the Blue Creek #2 well ('the Well') at the B Crest prospect on its flagship Blue Creek Project ('Blue Creek' or 'the Project'), located in the productive Petén Basin in Northwest Belize, remains ahead of schedule and in line with the Company's geologic prognosis.

Additionally, the Company is pleased to announce that due to the current programme being US$750,000 under budget, New World has decided to use this opportunity to drill into the Y3 formation and the Hillbank intervals and test this area where there remains considerable potential for the existence of multiple productive horizons. The Company expects to reach the revised total depth ('TD') of 10,450ft, on or before 15 November 2012. Following completion of the drilling, New World will then evaluate the intervals which have oil shows on both the mud logs recorded while drilling, and the electric logs which will be recorded after drilling has been completed, to ascertain amongst other factors the oil and gas saturation levels, porosity and thickness of the reservoirs. The Company will then determine at what depth and which zones to commence well testing operations.

New World CEO William Kelleher said, "The fact that we are well under budget and considerably ahead of schedule allows us to explore the Yalbac formation further, by drilling into the Y3 and Hillbank interval which produce oil in the nearby Never Delay Field. Once we have reached the new TD of 10,450ft, we will then conduct extensive testing enabling us to determine whether or not we have made a commercial discovery. I look forward to providing further updates to shareholders in the near future."

The technical content of this announcement has been reviewed and approved by William Kelleher who has been a member of the Society of Petroleum Engineers for 27 years.

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

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 drilling has commenced 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.