UK Oil & Gas PLC

("UKOG" or the "Company")

Turkey: Pinarova-1 construction completed

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that construction of Pinarova-1's drilling pad and access road has now been completed. Drilling to a total depth of around 500-550 metres below surface is now expected to commence in the first half of April 2023 following drilling rig mobilisation.

Pinarova-1, located 6 km north of the Basur-1 oil discovery, is designed to test a working hypothesis, supported by well and seismic data, that the active 41.7˚ API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation of some 9 km² areal extent within Eocene Hoya group limestones, lying around 300-645 metres below surface (see RNS of 11^th January 2023 and 30^th  June 2022).

UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.

Qualified Person's Statement

Matt Cartwright, UKOG's Commercial Director, who has 39 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.

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Glossary

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.