Exercise of Warrants

4 December 2020

Independent Oil and Gas plc 

Exercise of Warrants

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas company targeting high returns via an infrastructure-led hub strategy, has received notification from the Administrators of London Oil and Gas Limited (in Administration) ("LOG") for the simultaneous exercise of 7,500,000 warrants over 1p Ordinary Shares in the Company at a strike price of 8p and 377,310 warrants at a strike price of 11.9p. Both tranches of warrants had a maturity date of 31 December 2020.   

LOG has also confirmed that to fund this exercise, it sold 5,000,000 1p Ordinary Shares, as demonstrated in the TR-1 form released on 3 December by the Company on LOG's behalf.

The Company has applied to the London Stock Exchange for admission of 7,877,310 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 9 December 2020.  Following Admission there will be 488,177,052 Ordinary Shares in issue.  Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

Upon Admission, the resulting total LOG shareholding following the share sale and warrant exercise will be 145,888,669, equating to 29.88% of the issued share capital (up from 29.78%).

LOG also holds two further tranches of warrants over 1p Ordinary Shares in the Company: a further 5,400,000 warrants with a strike price of 11.9p and a maturity date of 31 December 2020 and 20,000,000 warrants with a strike price of 32.18p and a maturity date of 31 August 2023.

Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

About IOG:

IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. In September 2020 IOG was also offered four further Southern North Sea blocks adjacent to its existing portfolio which it had applied for in the 32^nd Offshore Licensing Round.

¹ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression

²ERC Equipoise Competent Persons Report: October 2018

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