Financial Update

20 October 2022

IOG plc

Financial update

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, provides a financial update.

Following the scheduled monthly receipt of payments for gas sales, IOG's cash position is today in excess of £36 million, of which £5 million is restricted. The Company's internal modelling projects corporate cash flows in a range of risked scenarios, including lower production outturn versus forecast, longer than planned downtime and gas prices materially below the prevailing forward curve. In the current outlook based on these scenarios, no short-term incremental funding need is anticipated.

Rupert Newall, CEO of IOG, commented:

"Following yesterday's update, and with 2022 capex guidance unchanged, it is important to reassure our shareholders that IOG has sufficient liquidity to work through current operational challenges and that the changes announced this morning do not imply any upcoming capital raising plans.

The new IOG management team is working constructively to take ownership of these challenges and rebuild shareholder value. Our near-term priorities are to restore Saturn Banks production as early as possible after the Bacton terminal shutdown, bring Southwark onstream in a safe and timely fashion, and advance our plans to optimise Blythe production. We also look forward to progressing our exciting portfolio of appraisal and development opportunities. I look forward to keeping investors updated."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

Enquiries:

About IOG:

IOG is a Net Zero UK gas and infrastructure operator focused on high-return projects. The Company's operations are currently concentrated around its offshore and onshore Saturn Banks infrastructure in the UK Southern North Sea. Phase 1 of its Saturn Banks Project, which started production in March 2022, entails the commercialisation of the Blythe, Elgood and Southwark gas fields through this infrastructure. Phase 2 of the Saturn Banks Project entails the Nailsworth, Goddard and Elland gas discoveries, which are subject to future investment decisions and expected to be commercialised through the same export infrastructure. The Company also holds further licences with additional resources including the Abbeydale, Panther and Grafton gas discoveries, the Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects, and part of the Orrell gas discovery. Currently, all IOG's licences are held 50:50 with its joint venture partner CalEnergy Resources (UK) Limited and operated by IOG. In addition, the Company continually evaluates further opportunities for accretive portfolio additions to help generate additional shareholder returns. Further details are available at www.iog.co.uk.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.