Renewal of Blue Creek PSA, Belize

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

29 October 2013

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

Renewal of Blue Creek Project Production Sharing Agreement, 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 Government of Belize has approved the application of the third and final renewal period of the Blue Creek Production Sharing Agreement ('PSA') in relation to its Blue Creek Project in the Petén Basin, Belize. This approval extends the term of the PSA until 12 October 2015.

Since New World completed the assignment for the Blue Creek concession with partner Blue Creek Exploration Limited in June 2011, the Company has earned 100% working interest following the completion of a staged earn-in programme. This included the acquisition and interpretation of 231 km of 2-D seismic data on the licence blocks, and the drilling of two wells and a sidetrack.

Under the terms of the renewal of the PSA, the Company has committed to the following exploration activities in the first year of the renewal period:

· A thorough re-evaluation of its 2-D seismic data with a view to revise the interpretation where needed

· Review of drilling results of Blue Creek #2, Blue Creek #2A ST and Rio Bravo #1 wells ('the Wells') and confirm their correlation to existing subsurface data and seismic

· Carry out geochemical analyses of oil samples collected from the Wells in comparison to other crude oils in the Petén Basin with a view to determine possible migration pathways from postulated source areas

· Re-evaluate the results of the core study carried out by Core-Lab and tie into existing subsurface data

In the second year of the renewal period, New World will either drill one exploration well or drop the licence.

In addition, the Company is continuing to seek a farm-in or joint venture partner to share the exploration of the Blue Creek acreage with a view to recommencing drilling.

New World CEO William Kelleher said, "We are delighted to have received the approval from the Government of Belize for the third renewal period on the Blue Creek PSA. With an active exploration work programme in place we are stepping up our efforts to seek farm-in or joint venture partners for our highly prospective licence areas. We will continue to keep the market informed of our activities."

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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 de-risked, a number of which have been classified by the Competent Person as being drill ready. 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.