Update regarding forthcoming General Meeting

25 October 2023

Angus Energy Plc

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

(AIM:ANGS)

Update regarding forthcoming General Meeting ("GM")

The Company reminds shareholders of the forthcoming GM scheduled to be held at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG on Monday 30 October 2023 at 11.00 a.m., as announced on 12 October 2023. The Company would like to clarify that the agreement with Kemexon as originally notified on 28 March 2023 required that any conversion of the Loan into equity, on the terms outlined, was conditional on a conversion being mutually agreed by Kemexon and the Company; therefore noting the Company's financial position as previously reported, the impending repayment date and that any extension was at the option of the lender, the Company was to all practical purposes only able to agree conversion of the Loan at a price per share of 0.66 pence, being approximately the share price at that time, with Kemexon as announced on 28 September 2023. The Board recognises of course that this is below the initially intended conversion price of 1p. However, due to the drop in share price it was a good result for the Company to have discharged a loan at market price and therefore at no discount to the prevailing share price.

END

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

Enquiries:

Angus Energy Plc                                             www.angusenergy.co.uk

Richard Herbert                                                                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.