Result of AGM and AGM Statement

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

12 September 2013

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

Result of AGM and AGM Statement

New World Oil and Gas Plc, the oil and gas operating, exploration and development company focused on Belize and Denmark, held its Annual General Meeting ('AGM') today and is pleased to announce that all resolutions were duly passed. 

Accordingly, shareholders have approved, on a poll, Special Resolution 5 regarding the proposed issue of 2,184,897,959 Subscription Shares to Niel Petroleum S.A. ('Niel Petroleum') for an aggregate consideration of US$25 million (gross) (0.735p per Subscription Share) and a related conditional Debt Facility made between the Company and Niel Petroleum announced on 21 August 2013. The expected date of the issue and Admission of the Subscription Shares is 25 September 2013, at which point Niel Petroleum will have acquired a 75.66% interest in the Company.

Commenting on the results of the AGM, William Kelleher, CEO of New World stated:

"Niel's decision to invest US$25 million in the Company as well as provide a US$25 million debt facility is a vote of confidence in New World's management team, and our stated objective to build a leading multi-project oil and gas exploration and production company. The US$25 million raised will be used to acquire near term production or producing oil and gas projects to complement our existing exploration portfolio, which combined with potential access to a US$25 million debt facility to fund development work, can transform New World into a sustainable, multi-stage oil and gas company. Adding production to our portfolio would not only generate cash flows, it would also provide asset backing to our market valuation in the form of reserves, reduce our shareholders' exposure to exploration risk while still retaining the significant upside potential we believe exists at our three projects in Belize and Denmark.

"We are highly excited by the opportunities that working with Niel Petroleum and its highly competent team will bring to New World. Led by Laurent Foucher, who has over 20 years' experience in the oil and gas industry, principally in Africa, Niel Petroleum has significant connections in the oil and gas arena, complementing our own extensive experience and contacts, which we expect will open doors to new projects. With this in mind, we look forward to welcoming Jean-Charles Charki to the Board with his strong financial background as a non-executive director in the coming weeks as well as an additional member of the Niel Petroleum team. A further announcement will be made in due course.

"With regards to our current portfolio, considerable progress has already been made since our Admission to AIM in May 2011. We have acquired a 100% working interest in the Blue Creek Project in Belize, as well as a 25% interest in two Danish onshore licences where multiple prospects with company-making volumetrics are drill-ready. Farm-out discussions are on-going at all our existing projects to prove up the prospectivity that has been defined to date. This is an exciting time for New World and with the US$50 million funding package in place along with Niel's contacts and experience, I am confident we are on course to deliver value for all our shareholders."

** ENDS **

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. 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.