THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

24 October 2022

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

Issue of Options

Angus Energy plc, a conventional oil and gas production and development company, announces that the Company has agreed the grant of 165.5 million share options, representing 5.72% of the Company's issued share capital, under the Company's existing Employee Incentive Schemes (the "Options") to Directors and other staff.

The share options to be granted were proposed by the remuneration committee and approved by the Board as part of the Company's annual share option grants; the most recent grant of which was on 4 February 2021. This reflects the Executive Director's and management's efforts in bringing the Company's wholly owned Saltfleetby Field into production earlier this year. The conditional share options are as follows:

George Lucan*                 40,000,000

Andrew Hollis*                 30,000,000

Carlos Fernandes*          30,000,000

Other employees            75,500,000

*Directors of the Company

The share options have an exercise price of 2 pence per share (being a premium of 23% to the closing price on 21 October 2022) (the "Exercise Price") and vest as to 100 per cent., upon the closing mid-market price of the Ordinary Shares being 3 pence or above (being 50 per cent. above the Exercise Price). The options have a 4 year term from the date of issue. The total award to Directors represents 3.46% of the Company's issued share capital.

Following the grant of the share options outlined above, the total share options outstanding will be 242,100,892 representing approximately 8.37% of the 2,891,664,391 ordinary shares in issue.

END

For further information on the Company, please visit www.angusenergy.co.uk or contact:

Enquiries:

Angus Energy Plc                                             www.angusenergy.co.uk

George Lucan                                                    Tel: +44 (0) 208 899 6380

Beaumont Cornish Limited (Nomad)      www.beaumontcornish.com

James Biddle / Roland Cornish                   Tel: +44 (0) 207 628 3396

WH Ireland Limited (Broker)     

Katy Mitchell / Harry Ansell                         Tel: +44 (0) 207 220 1666

Flagstaff PR/IR                                                [email protected]

Tim Thompson / Fergus Mellon                  Tel: +44 (0) 207 129 1474              

Aleph Commodities                                       [email protected]

Disclaimers - this Announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "forecasts", "plans", "prepares", "anticipates", "projects", "expects", "intends", "may", "will", "seeks", "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Announcement and include statements regarding the Company's and the Directors' intentions, beliefs or current expectations concerning, amongst other things, the Company's prospects, growth and strategy. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, achievements and financial condition may differ materially from those expressed or implied by the forward-looking statements in this Announcement. In addition, even if the Company's results of operations, performance, achievements and financial condition are consistent with the forward-looking statements in this Announcement, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements that the Company makes in this Announcement speak only as of the date of such statement and (other than in accordance with their legal or regulatory obligations) neither the Company, nor the Bookrunner nor Beaumont Cornish nor any of their respective associates, directors, officers or advisers shall be obliged to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.