UK Oil & Gas PLC

("UKOG" or the "Company")

Equity Share Issue

UK Oil & Gas PLC (London AIM: UKOG) announces that as part of the previously announced £3 million funding facility of 28 June 2023 ("Loan"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") the first and second tranches of ordinary shares ("Equity Shares") in relation to the first cash sum received of £2m gross. These shares can be converted at the Investors' discretion to repay the Loan, the balance of which now stands at approximately £1.4 million.

The Loan's first tranche of 1,300,000,000 has been converted by the Investors at an average price of 0.0504 pence per share. Investors can elect to convert the second tranche of 1,424,487,652 Equity Shares at the lower of the Variable Price* or the Fixed Price**.

Any Equity Shares unsold at the end of the loan term or on early repayment shall be sold by the Investors and the net proceeds repaid to the Company.

The Investors share transactions remain subject to the orderly market, no short position and Investor voting in favour of the Company provisions as previously announced on 28 June 2023.

Admission

Application has been made for the first and second tranches of the Equity Shares, numbering 2,724,487,652 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 8 November 2023.

Following Admission, the total voting rights in the Company will be 23,820,863,756 ordinary shares and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

*: Variable Price is equivalent to 100% of the Company's lowest daily volume weighted average price ("VWAP") in the 15 trading days preceding the conversion date or the date the Equity Shares are applied to discharge the Loan

**: Fixed Price is the lower of either a 35% premium to a Reference Price being  the average of the 5 daily VWAPs prior to the date of the relevant Loan drawdown (i.e., 135% of the Reference Price) or the lowest price at which the Company has issued equity in a fundraising whilst the loan is outstanding.

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Allen D Howard                                                                                     Tel: 01483 941493

WH Ireland Ltd (Nominated Adviser and Broker)                                                            

James Joyce / Andrew de Andrade / James Bavister                                                        Tel: 020 7220 1666

Communications

Brian Alexander                                                                                                                                                Tel: 01483 941493  

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.

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