New Look : World Oil and Gas Plc (‘ World’ or ‘the Company’ together with its subsidiaries, the ‘Group’) Unaudited Interim Results

Chairman's Statement

The oil industry as a whole continues to experience turbulent times and it appears too early to predict where oil prices might settle. The Company is not immune from the market situation, as seen by the challenges of finding new partners for our exploration projects, but our recent fundraising efforts have left us in a good position with no significant forward commitments. As a result the Company is well positioned to take advantage of new opportunities that may arise in the near future.

During the six months under review, our efforts were focused on raising funds and post period end, we were delighted to close the Placing and Open Offer having raised £3.5 million from new and existing investors. With this funding in place, we are now able to consider ways of moving New World forward.

The Board has been focussed on evaluating development paths for the Group's exploration projects in Belize and Denmark, as well as identifying additional projects, typically pre-production, production or oil field enhancement opportunities that may have the potential to generate cash flow and be value accretive for shareholders.
We recognise the need to reduce capital exposure for exploration plays in the current oil price environment and with this in mind have been in active discussions with farm-in partners in Belize and Denmark.

In Belize, where our 2013 drilling showed encouraging oil shows, discussions with potential interested partners are on-going. The Group's current intention is to drill a new well on the C Prospect at our Blue Creek Project with a farm-in partner. We have been active on the ground and identified a suitable well location and have outlined a drilling plan and cost analysis to enable the drill programme to
commence quickly on the completion of negotiations with a farm-in partner and ahead of the Production Sharing Agreement ("PSA") termination date on 12 October 2015. Additionally, we are looking at alternatives to ensure we can maintain the Group's presence in Belize should a farm-in partner not be found before the PSA termination date, including possibly re-applying for the Blue Creek licence under a new PSA.

In Denmark, having been granted extensions to the work programmes for the Group's three licences in March until 15 September 2015 in order to allow us to conduct additional technical work together with the Group's partners, we have been in discussions with potential farm-in partners for our Danica Jutland and Danica Resources projects. The Board maintains its belief that there is significant prospectivity within these licences but in the current oil price environment does not believe that its existing funds would be best allocated to advance these projects without a farm-in partner. Accordingly, if farm-in discussions are not successful, the Board is likely to recommend relinquishing the licences and appropriate accounting provisions have been made.

In line with our strategy to bolster our existing portfolio, the Board, utilising its oil and gas expertise and network, has been actively evaluating projects that may have the potential to generate immediate or near-term cash-flow. Over the last six months we have looked at approximately seven projects that potentially fit this criteria. The Company continues to consider opportunities, including entering into non-binding letters of intent to permit the Company to evaluate projects in the oil field enhancement space. Having completed the Placing and Open Offer, we are now in a strong position to take these discussions further.

We recently announced our intention to hold a shareholder call on 17 September 2015, ahead of our planned 2015 Annual General Meeting. The Board welcomes the opportunity to start and maintain a constructive dialogue with all shareholders to help shape the strategy of New World going forward. We look forward to shareholder participation in this event, details of which will be provided shortly.

Outlook

With funding in place, a committed management team and potential new opportunities in addition to the Group's existing portfolio, we remain hopeful for the remainder of 2015 and the opportunities it will bring to us and our loyal shareholder base. We look forward to updating the market on our progress. I would like to take this opportunity to thank you all for your support and I look forward to delivering on our objectives in the year ahead.

Christopher Einchcomb
28 August 2015

OPERATIONS REPORT

There have been no significant developments on the operating side in the licences currently held by the Group in Belize and Denmark since the announcements for the 2014 year-end financials, and the Company's Placing and Open Offer circular dated 11 June 2015. The Company continues in its efforts to find farm-in partners for these licences.

FINANCIAL REVIEW

As an exploration and development company with no current revenues, we are reporting a loss for the six months ended 30 June 2015 of US$894,000 down from US$1,934,000 in the corresponding period of 2014 and US$1,209,000 (excluding impairment charges) compared to the last six months.

As a result of the Placing and Open Offer that concluded in July 2015, the Company's cash position (as at closing of business on 28 August 2015), stands at approximately US$4,479,266. The Board believes that this is sufficient working capital to enable the Company to start implementing its stated strategy.

The Board has already taken impairment charges on Belize (70%) and Denmark (92%) at the end of 2014. As of 30 June 2015, the Board determined it prudent to increase the Denmark reserve to 100% based on the 15 September 2015 expiration date of its Denmark licences. The Board will continue to review this issue given the current state of farm-out discussions.

The Company's cost containment and cash preservation initiatives remain a high priority with the Board. Accordingly, in March 2015, the Company began accruing, but not paying, Non-executive Directors fees, while the Executive Directors began applying all fees and remuneration against the outstanding Executive Director loans.

In addition, the Company is continuing its efforts to obtain reimbursement for the loan to the former CEO, as well as the Euro 1.0 million advanced to Dr. Moaaz Alfahaid of Kuwait as part of the Niel Petroleum - Al Maraam - New World agreement. It is the intention of the Company to use every means at its disposal to collect all or part of these debts in the near future.

The Board and executive management will continue not to draw salaries and accrue benefits until the Company's future is more secure and outstanding loans to the Company are redeemed. We are constantly managing fixed and variable costs and taking advantage of market conditions to find further cost reductions that are not detrimental to the business.

Georges Sztyk
28 August 2015

Enquiries:
Georges Sztyk	New World Oil and Gas Plc	Tel: [phone]
Peter Sztyk	New World Oil and Gas Plc	Tel: [phone]
Felicity Geidt	Beaumont Cornish Limited	Tel: [phone]
Roland Cornish	Beaumont Cornish Limited	Tel: [phone]
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]
Frank Buhagiar	St Brides Partners Ltd	Tel: [phone]
Nicholas Bealer	Cornhill Capital Limited	Tel: [phone]

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