UK Oil & Gas PLC

("UKOG" or the "Company")

Loan Reduction via Equity Share Subscription

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that to enable further orderly reduction of the balance of the funding facility announced on 28 June 2023 ("Loan"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a tranche of 200,000,000 ordinary shares ("Equity Shares"). Future conversion of these Equity Shares by the Investors will further reduce the current £0.545 million principal balance of the £2 million gross first cash sum received.

It is expected that the Investors will convert these Equity Shares at the Variable Price, being equivalent to 100% of the Company's lowest daily volume weighted average price ("VWAP") in the fifteen trading days preceding the conversion date, or the date the Equity Shares are applied to discharge the Loan.

The reduction in the Loan's principal balance from that stated in the Company's 13^th March 2024 RNS results from the conversion of the prior tranche of 206,965,282 ordinary shares by the Investors at an average price of approximately 0.054 pence per share.  

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 this tranche of Equity Shares, numbering 200,000,000 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 26 April 2024.

Following Admission, the total voting rights in the Company will be 3,660,957,892 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.