🕐10.04.13 - 08:27 Uhr

NEW WORLD OIL & GAS: DRILLIG UPDATE, BELIZE & MARANCO OIL DISCOVERY IN WEST GALLON JUG AREA



New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas 10 April 2013 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, announces that the Rio Bravo #1 Well (Rio Bravo or the Well) on the West Gallon Jug Crest prospect (WGJc) in Belize is currently drilling at approximately 7,700 feet.

Whilst a number of hydrocarbon shows have been recorded, the commerciality of these shows can only be determined once the well is drilled to total depth (TD), open hole logs are run and interpreted, and well testing results are available.

The planned TD of the Well is estimated at 8,800 feet.

On-going operations are continuing to proceed without incident, are on schedule and under budget. Rio Bravo, which commenced drilling on 1 March 2013, is targeting a non-fault dependent four way structural closure in the Upper Jurassic Margaret Creek Formation.

The Well is currently drilling through the Cretaceous interval, through the anhydrite top seal and dolomite sequences.

To date drilling operations at WGJc have been in line with the Companys geologic expectations. As reported in the Companys Re-Admission Document dated 3 July 2012, the West Gallon Jug Crest prospect shows P50 un-risked prospective resources of 113 million barrels of oil (MMbo), with a P50 Net Present Value (NPV10) of US$2.6 billion on a 100% working interest basis.

Following the completion of the Rio Bravo Well #1, New Worlds working interest in the Blue Creek Project, where the Company has identified multiple leads and prospects, will increase to 100%, subject to approval by the Government of Belize. Maranco Energy Belize Ltd. On 2 April 2013 in an announcement titled "Oil Discovery in Orange Walk District" the Ministry of Energy, Science and Technology and Public Utilities in Belize disclosed that Maranco Energy Belize Ltd.

(Maranco) had discovered an encouraging oil show at the South Canal Bank#1 exploration well in the Gallon Jug area.

Further and necessary testing is ongoing to determine the commercial potential of the oil show. New World CEO William Kelleher said, "We are very interested in the news of Marancos oil discovery given that the well is in the Gallon Jug area, and we are eager to hear the results of the well testing.

In the meantime drilling at our WGJc prospect is progressing well with approximately 1,000ft remaining until we reach TD. "Good progress is also being made in Denmark where the 3-D seismic data is currently being interpreted and discussions with farm-in partners are on-going.

An update is expected to be made to the market on finalisation of the seismic data in the coming weeks." * *ENDS* *
For further information please visit www.nwoilgas.com or contact: Enquiries:
William Kelleher New World Oil and Gas Plc Tel: +1 713 447 2171 Georges Sztyk New World Oil and Gas Plc Tel: +1 646 407 9946 Peter Sztyk Felicity Geidt New World Oil and Gas Plc Beaumont Cornish Limited Tel: +1 917 215 7122 Tel: +44 (0) 20 7628 3396 Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396 Jerry Keen Shore Capital Tel: +44 (0) 20 7408 4090 Pascal Keane Shore Capital Tel: +44 (0) 20 7408 4090 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Frank Buhagiar St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
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.

In Belize drilling operations commenced at the West Gallon Jug Crest prospect on 1 March 2013.

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 Companys 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.
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