New World Oil and Gas Plc has raised gross £6.3 million through the issue of 315,000,000 new ordinary shares (the 'Placing Shares') at a price of 2 pence per share (the 'Placing').

The net proceeds of the Placing will be applied to test and appraise the Rio Bravo #1 well which the Company is currently drilling in Belize subject to a successful well logging programme. The Rio Bravo #1 well commenced drilling operations on 1 March 2013, and to date all operations are on schedule and under budget. A total depth of 8,800ft, targeting the Upper Jurassic Margaret Creek Formation is expected to be reached by late April 2013. Drilling results will be released once the total depth has been reached.

In the event that the Rio Bravo #1 well is not tested and appraised the funds will be used for (1) the drilling of two wells targeting the Harboe and Jelling prospects at the Company's Danica Jutland Project in Denmark ('Danica Jutland' or the 'Project') located in the highly prospective Jutland on-shore area in South West Denmark, (2) seismic interpretation and Competent Person's Report costs at the Project, and (3) for additional general working capital purposes.

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