Update on Sale of Assets

2 August 2024

IOG plc

The Joint Administrators of IOG Plc ("IOG", or the "Company"), (AIM: IOG.L) provide an update on the sale of the entire issued share capital of IOG North Sea Limited, IOG Infrastructure Limited and IOG UK Limited.

As announced on 14 June 2024, the Bondholders of IOG have approved the sale of the business and assets to CalEnergy Resources Limited ("CER") for a purchase price of GPB 10,000,000.

The Administrators confirm that good progress has been made towards satisfying various condition precedents, with the final outstanding conditions set to be approved within the month. Completion is expected to conclude by 30 August 2024.

The Company will make further disclosures if and when appropriate.

Enquiries:

IOG plc (In Administration)             +44(0)20 3005 4000

Simon Baggs

City Press                                            

Rory Fletcher                                      +44 (0)131 516 5654

About IOG:

IOG is a UK developer and producer of indigenous offshore gas. The Company began producing gas in March 2022 via its offshore and onshore Saturn Banks production infrastructure. In addition to its production assets, IOG operates several UK Southern North Sea licences containing gas discoveries and prospects which, subject to future investment decisions, may be commercialised through the Saturn Banks infrastructure. All its assets are co-owned 50:50 with its joint venture partner CalEnergy Resources (UK) Limited. Further details of its portfolio can be found at www.iog.co.uk.

This information is published in accordance with the requirements of the Oslo Børs Rule Book Part II 6.2.2.

This   stock  exchange  release  was  published  by Chad Griffin, Joint Administrator, IOG plc (in administration), on 2 August 2024 at 9am.

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