New World Oil and Gas has raised £8.6 million (approximately US$14 million) gross of expenses by the issue of 95,555,556 new ordinary shares (the 'Placing Shares') at a price of 9 pence per share (the 'Placing'). The proceeds of the Placing will be used to fund the drilling of a third well at the Company's Blue Creek Project ('Blue Creek' or the 'Project') located in the productive Petén Basin in Northwest Belize, the planned 3-D seismic programme on the Company's Danica Jutland project in Denmark and for general working capital purposes. The well is set to target Prospect A which RPS Energy has given P50 volumetrics of 124 million barrels of oil ('MMbo'), on a 100% working interest basis.

William Kelleher, Chairman and Chief Executive, said, "I am delighted with the interest and support New World has received from both new and existing shareholders, resulting in the Placing being oversubscribed. We are clearly not alone in believing New World is well placed to become a leading oil and gas company with a portfolio of projects at various stages of development. I view the Placing as a vote of confidence in the rapid progress we have made in not only acquiring three highly prospective projects in Belize and Denmark, but also in systematically identifying and derisking multiple prospects across our portfolio.

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