UK Oil & Gas PLC

("UKOG" or the "Company")

Equity Share Issue and Reduction in Loan Balance

UK Oil & Gas PLC (London AIM: UKOG) announces that as part of the previously announced funding facility of 28 June 2023 ("Loan") and the 3 November 2023 update, it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a third tranche of ordinary shares ("Equity Shares") in relation to the first cash sum received of £2 million gross. The first three tranches of Equity shares have now been converted at the Investors' discretion to repay the Loan, the balance of which now stands at approximately £0.8 million.

The Investors converted the Loan's second tranche of 1,424,487,652 shares at an average price of 0.025 pence per share. The third tranche of 1,087,649,954 shares being converted at an average of 0.022 pence per share. The conversion price in both cases was made at the Variable Price, being 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.

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

Admission

Application has been made for the third tranche of Equity Shares, numbering 1,087,649,954 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 16 January 2024.

Following Admission, the total voting rights in the Company will be 24,908,513,710 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.

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Allen D Howard/ Guzyal Mukhametzhanova                          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.