New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas 30 May 2012 New World Oil and Gas Plc (New World or the Company) Blue Creek Project Working Interest Increased to 25%
New World Oil and Gas Plc, a company focused on making investments in the oil and gas sector, announces that the Belize Ministry of Natural Resources and the Environment has formally approved the assignment of a further 12.5% working interest in the 420 sq km Blue Creek Project located in the producing Pet�n Basin in Northwest Belize (the Project) to New Worlds wholly owned subsidiary, New World Oil and Gas (Belize) Ltd (NW Belize).

This assignment, which was approved following the acquisition of an additional 125 line km of 2-D seismic data as detailed in the Farm-Out Agreement (FOA) announced on 16 June 2011, brings the Companys total working interest in the Project to 25%. Under the terms of the FOA, which was amended in February 2012, the Company can earn up to a 100% working interest in the Project by achieving various milestones including a three phase 2-D seismic acquisition programme totalling 231 line kilometres and a two well drilling programme.

The most recent Competent Persons Report (CPR) gives a combined P50 gross resources estimate of 294 million barrels of oil with a combined NPV10 of US$7.1 billion for two prospects.

Upon completion of Phase 3, currently underway and incorporating a 61 line km 2-D seismic survey on the Project, RPS Energy will provide an additional CPR with updated volumetrics.
New World CEO William Kelleher said, "With the excellent progress being made in Belize and the Projects vast potential becoming more apparent, we are delighted to have increased our working interest to 25%, with the option of moving to a full 100%, which also highlights the support we continue to receive from our partners and the Government of Belize.

This truly exciting project has been considerably de-risked and we are actively progressing with our seismic acquisition programme in Belize.
"With our first outstanding year on the AIM market behind us and strong cash position following a fundraising earlier in the year, we are confident we will deliver on our stated milestones in Belize as well as in Denmark where we have two other highly prospective projects."
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For further information please visit www.nwoilgas.com or contact:
Enquiries: William Kelleher New World Oil and Gas Plc Tel: +17134472171 Georges Sztyk New World Oil and Gas Plc Tel: +1514 961 2247 Peter Sztyk Felicity Geidt New World Oil and Gas Plc Beaumont Cornish Limited Tel: +19172157122 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 focussed on making investments in the oil and gas sector, either by acquisition or by participation through Farm-Out.

The Company targets late stage exploration or early production projects that, in the opinion of the Directors, are undervalued, underdeveloped or under-performing, located in basins with large proven reserves.

New World is currently operating in Central America and Europe where New World has acquired two highly prospective projects via Farm-Out Agreements, although the Board is actively identifying exploitation opportunities in areas including Africa, South America and South East Asia. New Worlds first investment was in the Blue Creek Project, located in the productive Pet�n Basin in northwest Belize, and consists of two concessions, Blue Creek and Blue Creek South, totalling 420sq km.

The Company has signed a Farm-Out Agreement for up to a 100% working interest in the project upon full completion of the earn-in work programme.

A multi-phased 2-D seismic acquisition and interpretation programme is being undertaken, with Phase 1 complete and Phase 2 currently underway, the completion of which will earn the Company a 25% interest in the project.
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