BELIZE - 3 EXPLORATORY OIL WELLS NEARING TARGET IN DRILLING IN BELIZE

New World Oil and Gas Plc, an oil and gas exploration and development company focused on Belize and Denmark, is pleased to provide an update on drilling operations at the B Crest prospect on the Company’s flagship Blue Creek Project (‘Blue Creek’ or ‘the Project’), located in the productive Petén Basin in Northwest Belize.

Drilling operations at the Blue Creek #2 well (‘the Well’) are continuing on schedule and under budget at an average rate of 24ft per hour. As at 1300 CST in Belize on 24 October 2012, the Well had drilled to a depth of 4,509ft, having passed through anhydrite, dolomite and limestone sequences in line with the Company’s geologic prognosis. The primary objective of the Well lies at 5,700ft in the mid Cretaceous Y2 interval, 1,300ft below the current depth. The Well remains on course to reach the total depth (‘TD’) of 7,000ft on or before 15 November 2012 where it expects to have reached the base of the mid Cretaceous Y2 interval.

New World CEO William Kelleher said, “I am pleased to report that drilling operations at B Crest, the first of our three well programme at the Blue Creek Project, Belize, have so far been in line with our expectations and forecast geologic prognosis. We are 1,300ft above our primary objective, being the Yalbac 2 formation, which we believe to contain multiple payzones for this well. I will of course provide the market with further updates on our progress in due course.”

The Blue Creek #2 well is part of the Company’s three well drilling programme at Blue Creek, the details of which are included in the table below:

Drill Ready Prospects	P50 un-risked prospective resources	P50 NPV10	Expected Timetable
B Crest	92 MMbo	US$2.4 billion	H2 2012
West Gallon Jug Crest	113 MMbo	US$2.6 billion	H2 2012
A	124 MMbo	US$3.2 billion	H1 2013
Total	329MMbo	US$8.2 billion

Note: figures are stated on a gross 100% WI (‘working interest’) basis

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.