Eland Oil & Gas Regulatory News (ELA)

18 November 2014

Eland Oil & Gas PLC

("Eland" or the "Company")

Exercise of Options

Eland (AIM: ELA), the oil and gas development and production company with a focus on Nigeria and West Africa today announces that, following the previous announcement relating to the exercise of options by Solstice International Investments Inc. ("Solstice"), the Company can confirm the receipt of the balance of £4 million from Solstice and accordingly has made an application to the London Stock Exchange for the remaining 4,000,000 Ordinary Shares from the Solstice Option Agreement, to be admitted to trading on AIM. Admission is expected to occur on 24 November 2014. The new ordinary shares will rank pari passu in all respects with the existing ordinary shares.

Following the admission of the 4,000,000 new ordinary shares, the Company's issued share capital will consist of 145,263,214 Ordinary Shares and 10,000,000 Non-Voting Shares. Eland does not hold any ordinary shares in treasury.

Until otherwise notified, the aforementioned figure of 145,263,214 ordinary shares may be used by shareholders in the Company 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, Eland under the Financial Conduct Authority's Disclosure and Transparency Rules.

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