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.

19 January 2024

Angus Energy Plc

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

(AIM:ANGS)

Update on Financing, Extension of £6m Junior Bridge Facility and Options Award

Angus Energy plc (AIM:ANGS) is pleased to announce that work in documenting the Company's proposed £20 million Loan Facility and Offtake Agreements with Trafigura is progressing well and is expected to conclude with satisfaction of conditions precedent and drawdown within four weeks. 

The Company has been granted an extension to the existing £6m Subordinated Debt Facility (the "Bridge Loan"), which is due to mature on 19^th January 2024, in order to allow time for completing documentation and drawdown under the proposed facility with Trafigura. Accordingly, Aleph Finance Limited has agreed to an extension of the Bridge Loan for one month until 19^th February 2024, for a fee of 1%, which is proportionate to the fee paid for the previous extension of the loan in October 2023.

Options Award

The Company has granted 30 million share options under the Company's existing Employee Incentive Schemes (the "Options") to employees of the Company.

The share options to be granted were proposed by the remuneration committee and approved by the Board. This reflects the management's efforts in achieving successful operations at the Company's wholly-owned Saltfleetby Field.

The share options have an exercise price of 0.67 pence per share (being a premium of 36% to the closing price on 18 January 2024) (the "Exercise Price") and vest as to 100 per cent., upon the closing mid-market price of the Ordinary Shares being 0.67 pence per share or above (being 36 per cent. above the Exercise Price). The options have a 10 year term from the date of 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              

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.